Lance Roman Armstrong of Columbia New Jersey a stockbroker formerly registered with Raymond James Financial Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Armstrong neglected to comply with a FINRA investigation into allegations of his outside business activities and his solicitation of customer loans without authorization from Raymond James. Letter of Acceptance Waiver and Consent No. 2019061580601 (Nov. 12, 2019).
According to the AWC, on October 8, 2019, Armstrong was asked by FINRA to provide recorded testimony regarding the accusations of his misconduct. Armstrong was expected under Rule 8210 to provide recorded testimony for the regulator on October 25, 2019. The AWC stated that ten days prior to Armstrong’s scheduled appearance, FINRA received word from him that he would at no point testify. FINRA found that Armstrong’s failure to testify, which impeded the regulator’s ability to determine if he engaged in unauthorized transactions, was violative of FINRA Rules 2010 and 8210 resulting in the stockbroker being barred from the securities industry.
Armstrong was discharged by Raymond James on February 8, 2019 supported by allegations of him soliciting loans from Raymond James customers and taking loans from those customers through a business activity that occurred outside of Raymond James’ auspices and without the securities broker dealer’s permission.
