Eric Sikes of Boca Raton Florida a stockbroker formerly registered with LPL Financial LLC has been fined $10,000.00 by the Florida Office of Financial Regulation and ordered to cease and desist committing violations of Florida Securities and Investor Protection Act based upon Sikes’ consent to findings that he (1) failed to conduct adequate due diligence concerning the establishment and maintenance of customers’ investment accounts and (2) failed to provide specific information to customers relating to the surrender penalties on variable annuities. Case No. 89241-S (Apr. 12, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on September 26, 2016, Sikes was terminated from MSI Financial Services supported by accusations that he neglected to abide by the firm’s policies concerning variable annuity replacements.
Additionally, on July 26, 2017, a customer initiated investment related complaint concerning Sikes’ conduct was settled to resolve allegations that while Sikes was associated with MSI Financial Services, Inc., he neglected to apprise the customer about the penalties and charges relating to variable annuity withdrawals.
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