Bruce Cameron Amman of Golden, Colorado, a stockbroker formerly registered with LPL Financial LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Amman engaged in private securities transactions during the time that he was employed by LPL Financial. Letter of Acceptance, Waiver, and Consent No. 2020067292901 (April 20, 2022).
According to the AWC, from April 2018 to May 2019, Amman took part in private securities transactions involving a customer of LPL Financial. The AWC states that the customer sold limited partnership interests that would create capital gains taxes, so the customer sought a way to invest in a tax-advantaged product that would be able to offset the gains.
FINRA indicates that in April of 2018, the customer was introduced by Amman to a third party who positioned private placements to them. Amman was involved in the customer’s communications with the third party. Amman also helped the customer move funds away from LPL Financial and into the private placement.
Amman failed to tell LPL Financial about his activities with the customer. The regulator states that Amman was required to complete an annual compliance questionnaire during the time of his activities. Amman denied having engaged in selling away activities while registered with the firm. Amman violated FINRA Rules 2010 and 3280 for private securities transactions.
Amman was associated with LPL Financial between September 9, 2018, and July 17, 2020. He was discharged by LPL Financial founded on accusations of his short-term mutual fund switching in customer accounts.