Bradley Everett Gardner of Fort Bragg California a stockbroker formerly employed by LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he converted a customer’s funds. Letter of Acceptance Waiver and Consent No. 2017055975701 (June 4, 2018).
According to the AWC, between January of 2017 and September of 2017, the supervisory procedures of the firm disallowed stockbrokers such as Gardner from possessing a firm customer’s check made payable to the stockbroker. The firm’s written supervisory procedures additionally proscribed stockbrokers such as Gardner from taking control of the customer’s funds when done so outside of the stockbroker’s official firm capacity.
Evidently, a senior customer, GB, maintained four accounts at LPL Financial, where three of those accounts were classified as advisory accounts and one was a commissioned based account. Gardner purportedly informed GB that the advisory fees could be prepaid through March of 2019 as long as GB made out a check payable to Gardner. The AWC stated that GB took possession of the customer’s $7,400.00 check and deposited it into Gardner’s own banking account so that he could use those funds to address his own expenses. Meanwhile, GB reportedly continued to be assessed advisory fees relating to her accounts at LPL Financial. FINRA found that Gardner’s conversion of the customer’s funds was violative of FINRA Rules 2010 and 2150(a).
FINRA Public Disclosure confirms that Gardner is referenced in two customer initiated investment related disputes pertaining to allegations of his wrongdoing while employed by Edward Jones, Raymond James Financial Services Inc. and Wells Fargo Advisors Financial Network, LLC. Specifically, on July 26, 2002, a customer filed an investment related complaint involving Gardner’s activities where the customer sought $5,090.00 in damages supported by accusations that Gardner made false statements to the customer concerning the valuation of the customer’s mutual fund holdings.
Thereafter, a customer initiated investment related arbitration claim involving Gardner’s activities was resolved for $32,500.00 in damages based upon allegations including: professional negligence; breach of fiduciary duty; violation of California Corporations Codes 25401 and 25504; misrepresentation; omissions; and fraud in regard to a variable annuity transaction. FINRA Arbitration No. 17-02810 (Apr. 24, 2018).
Gardner was terminated from LPL Financial LLC on September 19, 2017 founded on accusations that he was under investigation for improperly taking possession of a customer’s funds.
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