John Edgar Simmons Jr. of Gulf Breeze Florida a stockbroker formerly registered with LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Simmons failed to cooperate with FINRA’s investigation which focused on whether he engaged in unapproved private securities transactions. Letter of Acceptance Waiver and Consent No. 2020068525301 (May 10, 2021).
According to the AWC, Simmons came across FINRA’s radar when LPL Financial reported his October 30, 2020 termination. The securities broker dealer alleged that Simmons took part in private securities transactions without providing it with notice and getting its approval.
The AWC stated that on February 24, 2021, Simmons was sent a letter from FINRA in regard to the investigation. He was asked to provide documents and information in response to the accusations LPL Financial made against him. He was required to cooperate with FINRA’s request according to Rule 8210. The stockbroker failed to oblige.
On March 9, 2021, FINRA received word from Simmons’ lawyer that Simmons would not provide documents or information at any point in the investigation. This resulted in FINRA not being able to confirm whether Simmons violated FINRA rules on private securities transactions. Simmons’ obstruction of the investigation was a violation of FINRA Rules 2010 and 8210. He was barred as a stockbroker for this reason.
FINRA Public Disclosure confirms that a customer initiated investment related FINRA securities arbitration claim concerning Simmons’ activities was resolved for $28,000.00 in damages founded on allegations that Simmons made misrepresentations regarding real estate investment trusts and a variable annuity. The claim also alleges that the stockbroker provided unsuitable recommendations to the customer as it pertained to investments made at LPL Financial.
Simmons was registered with LPL Financial between August 7, 2015 and September 17, 2020.
