John Charles Bland, of Durham, North Carolina, a stockbroker registered with Commonwealth Financial Network, was terminated from employment on April 25, 2017, based upon allegations that he violated the firm’s policies by failing to disclose information to a customer relating to the customer’s variable annuity purchase. The firm alleged that Bland concealed the source of funds that the customer utilized for the annuity purchase, and furnished an application to the issuing company that was inconsistent with information provided to Commonwealth Financial Network that the firm based its approval on.
This is not the first time that Bland has been terminated from a brokerage firm based upon allegations of his wrongdoing. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on September 14, 2009, Bland was fired from LPL Financial Corporation based upon allegations that he furnished pre-signed customer documents to effect investment purchases despite his activities having been prohibited by the firm.
Moreover, on March 6, 2006, a customer filed an investment related written complaint involving Bland’s conduct, in which the customer requested more than $5,000.00 in damages based upon allegations that Bland charged the customer with excessive commissions on mutual funds transactions that were effected in the customer’s investment account. Further, on December 26, 2016, a customer filed an investment related written complaint regarding Bland’s activities, supported by allegations that Bland forged the customer’s signature on fixed annuity account documentation.
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