IFG Discharges Stockbroker For Unauthorized Trading

Donald Allen Blankenship of King of Prussia Pennsylvania a stockbroker formerly registered with Independent Financial Group LLC has been discharged by the firm on October 14, 2019 based upon allegations that (1) Blankenship effected trades in the accounts of Independent Financial Group customers without having written authorization from either the customers or the securities broker dealer (2) Blankenship neglected to make sure that customers received proper discounts on their mutual fund purchases and (3) Blankenship violated the firm’s policies concerning the documentation of mutual fund trades placed in customer accounts during the time that he was associated with Independent Financial Group LLC.

FINRA Public Disclosure reveals that this is not the first time that Blankenship has been terminated from a securities broker dealer employer for misconduct. In fact, Blankenship was terminated by LPL Financial LLC based upon allegations that he failed to conform his actions to the firm’s investment philosophy. Also, Blankenship is the subject of a customer initiated investment related complaint in which the customer requested unspecified damages based upon allegations that while Blankenship was associated with Signator Investors Inc., misrepresentations were made by the stockbroker in regard to the returns that the customer could anticipate through purchasing or retaining an insurance policy.