Louis Mark Miller of Jericho New York a stockbroker formerly employed by LPL Financial LLC is referenced in a Financial Industry Regulatory Authority (“FINRA”) Wells Notice in which FINRA has made an initial determination to suggest that FINRA Department of Enforcement bring a disciplinary action against Miller for obstructing an investigation and making unauthorized trades in customer accounts. FINRA Investigation No. 20170568299 (Jan. 3, 2019).
According to FINRA Public Disclosure, an investigation revealed that FINRA sought for Miller to provide recorded testimony to FINRA personnel to address the allegations of Miller’s mishaps in customer accounts. Apparently, Miller’s testimony had been scheduled for November 14, 2018 and December 12, 2018. However, Miller supposedly failed to make an appearance. FINRA has initially determined that Miller’s conduct may have been violative of FINRA Rules 2010 and 8210.
Moreover, FINRA stated that Miller possibly made unauthorized trades in customer’s accounts. Supposedly, Miller did not receive written approval from either the customers or LPL Financial LLC prior to him effecting trades in the customers’ accounts. Apparently, LPL Financial had not approved those customer accounts for purposes of discretionary trading. Consequently, FINRA stated that Miller possibly violated FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
FINRA Public Disclosure further confirms that on December 8, 2017, Miller had been discharged by LPL Financial founded on accusations that Miller executed trades in LPL Financial customers’ brokerage accounts using time and price discretion; conduct violative of LPL Financial LLC policy.
