Jennifer Lynn Steele, of Tampa, Florida, a stockbroker formerly registered with Harbor Light Securities, LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she engaged in unapproved outside business activities. Letter of Acceptance, Waiver and Consent, No. 2014040343702 (Nov. 1, 2016).
According to the AWC, in November of 2012, Steele established a limited liability corporation in Florida for the purpose of asset protection and tax services. The AWC stated that from November of 2012 to January of 2014, Steele accumulated nearly $200,000.00 from the corporation via distributions and salary. Yet, throughout this period, Harbor Light Securities was not apprised of her activities.
The AWC stated that the firm’s supervisory procedures called for Steele to disclose any outside business activity and procure approval from the firm prior to engaging in those activities. Evidently, Steele failed to notify the firm. Consequently, her unapproved activities were found by FINRA to be violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure confirms that on March 19, 2013, a customer filed an investment related written complaint involving Steele’s conduct, where the customer requested $30,000.00 in damages supported by accusations that while Steele was associated with J.P. Turner & Company LLC, an unsuitable limited partnership investment was executed in the customer’s account.
Steele’s registration with Harbor Light Securities, LLC was terminated on December 31, 2016. Since February 23, 2017, she has been employed with Corinthian Partners, L.L.C.
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