FINRA Fines and Suspends Ex-LPL Stockbroker for Selling Unapproved Investments

FINRA Fines and Suspends Ex-LPL Stockbroker for Selling Unapproved Investments

The Financial Industry Regulatory Authority Inc. (FINRA) suspended ex-LPL Financial broker Michael B. Mountjoy of Louisville, Kentucky for six months. FINRA also fined Mr. Mountjoy $10,000 for failing to disclose private securities operations he facilitated away from the firm.

According to official records, brokerage firm LPL terminated Mountjoy in December 2018. As a result, Mr. Mountjoy is no longer associated with any securities firm.

Representative Engaged in Activities Away from Firm

FINRA explained that, between 2013 and 2018, Mr. Mountjoy engaged in private securities transactions and participated in two other outside business activities without obtaining prior written permission from LPL. 

At the time he was terminated, Mr. Mountjoy had been with LPL Financial for eight years.

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