Brent Van Lott of Orem Utah is a stockbroker formerly registered with LPL Financial LLC who has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Lott falsified documents relating to customers’ securities transactions. Department of Enforcement v. Brent Lott Disciplinary Proceeding No. 2013038124102 (Jan. 25 2018).
According to the Complaint, between March 2013 and October 2013, Lott helped an unlicensed broker effect seven mutual fund sales and twenty-six variable annuity exchanges based upon the unlicensed broker’s recommendations. Consequently, FINRA’s Department of Enforcement alleged that Lott’s conduct was violative of FINRA Rule 2010 because he aided and abetted that unlicensed security’s broker’s violations of Securities and Exchange Act of 1934 Section 15(a)(1).
The Complaint additionally stated that Lott furnished ten suitability forms to the firm in which he falsely certified to his firm that the costs and benefits of the investment transactions had been discussed by him with the customers. Consequently, FINRA Department of Enforcement alleged that Lott’s conduct was violative of Securities Exchange Act of 1934 Section 17(a) and Rule 17a-4, as well as FINRA Rules 2010 and 4511.
The Complaint further alleged that in nine customers’ circumstances, twenty-four forms contained false certifications of Lott having conversed with the customers about whether annuity replacements were appropriate. FINRA alleged that Lott also lied about physically having met with three customers when it was not the case. In another five customers’ circumstances, Lott lied about knowing the customers for at least one month, when Lott never spoke or met with those customers. Consequently, FINRA Department of Enforcement alleged that Lott’s conduct was violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that Lott has been referenced in three additional customer initiated investment related disputes pertaining to allegations of Lott’s misconduct during the time he was employed with LPL Financial LLC. Specifically, on December 30, 2013, a customer filed an investment related written complaint involving Lott’s conduct, alleging that the customer never met Lott, and that the customer’s signatures on variable annuity contract documentation was not authentic.
Thereafter, on March 4, 2014, a customer filed an investment related written complaint pertaining to Lott’s conduct, based upon accusations that the customer’s signatures on Pacific Life variable annuity contracts were forged by a third party that Lott assisted in procuring the transaction. Subsequently, a customer initiated investment related arbitration claim involving Lott’s conduct was settled for $50,000.00 in damages supported by allegations that Lott executed annuity and investment transactions without the customer’s authorization. FINRA Arbitration No. 15-02583 (July 11, 2017).
Lott was fired from LPL Financial on October 14, 2013, founded on accusations that he furnished customers’ applications for equity indexed annuities without ever having met or spoke with customers relating to the investments; the firm found his conduct to be in violation of the firm’s signature policies. He was subsequently registered with Girard Securities, Inc. until November 30, 2017. Since November 1, 2017, Lott has been associated with Cetera Advisors Networks LLC.
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