FINRA Bars LPL Stockbroker In Unauthorized Trading Investigation

Louis Mark Miller of Jericho New York a stockbroker formerly registered with LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings of Miller having failed to comply with FINRA personnel during the period in which he was investigated for effecting discretionary trades in LPL Financial customer accounts in violation of the firm’s policy. Department of Enforcement v. Louis Mark Miller Disciplinary Proceeding No. 2017056829901 (Oct. 14, 2019).

According to the Order, Miller was sent a letter from FINRA personnel on October 17, 2018 which requested under Rule 8210 that a questionnaire be completed by the stockbroker and furnished to FINRA for purposes of his recorded testimony slated for November 14, 2018. The Order stated that FINRA received confirmation on October 19, 2018 that Miller received that request; however, there was no questionnaire completed and supplied by Miller to FINRA on or before a November 1, 2018 deadline, nor was there any appearance made by Miller to provide recorded testimony before FINRA personnel.

The Order revealed that Miller’s legal counsel was provided a second request from FINRA on November 15, 2018 which called upon the stockbroker to provide a completed questionnaire and make an appearance on November 14, 2018. On December 12, 2018, Miller confirmed that he received the second request; however, he conveyed that he would not be testifying in the regulator’s investigation. Miller failed to make a required appearance before FINRA personnel on December 12, 2018.

Subsequently, Miller’s legal counsel was sent a letter from FINRA regarding Miller’s failure to comply. Miller was provided a third opportunity to cooperate with FINRA, but he failed to take advantage of it. The stockbroker did not return the questionnaire and neglected to testify on July 11, 2019. The Order stated that Miller was warned in each of FINRA’s requests that his failure to furnish information could be violative of FINRA rules and that he could be barred for that misconduct. FINRA Office of Hearing Officers determined that Miller’s conduct was violative of FINRA Rules 2010 and 8210, and ordered that Miller be barred.

On December 8, 2017, Miller was discharged by LPL Financial based upon allegations that he violated the securities broker dealer’s policy by effecting discretionary trades in customers’ brokerage accounts.