Brian Joseph Lockett of Lynnwood Washington a stockbroker formerly employed by Geneos Wealth Management Inc. has been fined $5,000.00 and suspended for forty-five days from associating with any FINRA member in any capacity founded on Lockett taking part in unpermitted private securities transactions during the time that he was associated with Geneos Wealth Management. Letter of Acceptance Waiver and Consent No. 2016050847301 (Nov. 12, 2019).
According to the AWC, a customer of Lockett placed $50,000.00 in an investment that was neither offered nor approved by Geneos Wealth Management. The AWC stated that Lockett was involved in the customer’s transaction through introducing the customer to the investment. Lockett and the customer discussed the reasons for investing and the stockbroker assisted the customer in completing the paperwork. Geneos Wealth Management was not contacted by Lockett in advance to discuss his part in the securities transaction. The AWC stated that the customer was even urged by Lockett to correspond with each other through the stockbroker’s use of a private e-mail address. FINRA indicated that Geneos Wealth Management learned of Lockett selling away when the customer complained. FINRA found that Lockett failed to comply with FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 3040(b).
FINRA Public Disclosure indicates that on July 27, 2016, a customer initiated investment related complaint pertaining to Lockett’s conduct was settled for $45,000.00 in damages supported by allegations that transactions were executed by the stockbroker without the customer’s authorization during the time that Lockett was associated with Geneos Wealth Management and Independent Financial Group. According to the complaint, the customer was also steered by Lockett towards purchasing inappropriate investments including a real estate security and a private placement.
