LPL Stockbroker Sanctioned For Unauthorized Trading
Jeffrey Lawrence Vasiloff of Vermilion Ohio a stockbroker formerly employed by LPL Financial LLC has been fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that trades were executed by Vasiloff on a discretionary basis and without the stockbroker receiving written permission from customers of LPL Financial LLC. Letter of Acceptance Waiver and Consent No. 2018059317501 (Sept. 6, 2019).
According to the AWC, from February of 2018 to March of 2018, trades were placed by Vasiloff on a discretionary basis in the accounts of an LPL Financial LLC customer. The AWC stated that trades had been discussed between Vasiloff and the customer; however, there was no point in which the stockbroker spoke with the customer to confirm the trades on the days that nine trades were placed in the customer’s account.
FINRA stated that there was no written authorization obtained by Vasiloff from the customer to warrant his exercise of discretion. The AWC indicated that even if Vasiloff had received authorization from the customer, his trading was still prohibited by the securities broker dealer as stockbrokers were disallowed from effecting brokerage account trades on a discretionary basis. FINRA determined that Vasiloff’s conduct was violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Vasiloff was discharged by LPL Financial LLC on July 9, 2018 supported by accusations of Vasiloff’s unauthorized trading. Since September 24, 2018, he has been employed by J.W. Cole Financial Inc.