Bradley Ross Thompson, of Fort Collins, Colorado, a stockbroker 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 by consenting to findings that he entered into unauthorized lending arrangements with customers of the firm. Letter of Acceptance, Waiver and Consent, No. 2016050334101 (Jan. 17, 2017).
According to the AWC, between 2011 and 2012, Thompson accepted $60,000.00 in loans between two customers of the firm. Evidently, Thompson never sought or obtained the firm’s authorization for him to enter into the loan arrangements. Consequently, FINRA found that Thompson’s activities were violative of FINRA Rules 2010 and 3240.
FINRA Public Disclosure confirms that Thompson has been identified in three customer initiated investment related disputes containing allegations of his misconduct while employed with LPL Financial LLC, Wells Fargo Investments LLC, and Wells Fargo Brokerage Services, Inc.
Specifically, on December 19, 2002, a customer filed an investment related written complaint involving Thompson’s conduct, in which the customer sought $10,000.00 in damages based upon allegations that unsuitable asset backed debt product transactions had been effected in the customer’s account. Then, a customer was awarded $6,750.00 in damages according to an investment related arbitration claim involving Thompson’s misconduct, supported by findings that unauthorized and unsuitable investments had been effected in the customer’s individual retirement accounts. National Association of Securities Dealers Case No. 03-01389 (Sept. 24, 2003).
Thereafter, on March 18, 2017, a customer filed an investment related written complaint regarding Thompson’s activities, in which the customer requested $149,325.00 in damages founded on accusations that stock investments effected in the customer’s account were not appropriate for the customer.
Thompson was fired from LPL Financial LLC on May 18, 2016, based upon allegations that Thompson violated the firm’s policies by entering into customer loan agreements.
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