Lori Fleischhacker Copeland, of Charlotte, North Carolina, a stockbroker registered with LPL Financial LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Copeland did not cooperate with a FINRA investigation into allegations of her alleged outside business activities. Letter of Acceptance, Waiver, and Consent No. No. 2023077755201 (February 21, 2024).
The disciplinary action against Copeland by FINRA stems from a Uniform Termination Notice for Securities Industry Registration (Form U5) filed by LPL Financial LLC on January 30, 2023. The Form U5 stated that Copeland’s registration was terminated by LPL for not disclosing and obtaining approval for her involvement with outside businesses prior to her joining the securities broker dealer.
During the regulator’s investigation, FINRA requested information and documents from Copeland in relation to her outside activities. The first request was sent on November 30, 2023, with a deadline of December 14, 2023. Copeland, through her lawyer, acknowledged receipt of this request and was given an extension until December 28, 2023. However, she failed to provide any of the requested information by this deadline.
A subsequent request was made by FINRA on January 4, 2024, with a new deadline of January 19, 2024, which was again extended to January 24, 2024. Despite these extensions, Copeland did not submit any of the requested documents or information by the final deadline.
Copeland ultimately acknowledged receiving FINRA’s requests but stated to the regulator that she would not produce the requested information or documents. Her refusal to cooperate with FINRA’s investigation constituted a violation of FINRA Rules 8210 and 2010. Consequently, FINRA expelled the stockbroker.
Copeland was associated with LPL Financial in Charlotte, North Carolina from May 26, 2021, to January 30, 2023. In addition to being discharged by LPL Financial, she was discharged from Independent Advisor Alliance on January 18, 2023, due to allegations of failing to disclose outside business activities.
