Sharon Fall, of Annapolis, Maryland, a stockbroker with LPL Financial LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she failed to cooperate in a FINRA investigation into allegations that she engaged in the unauthorized borrowing of funds from firm customers. Letter of Acceptance, Waiver and Consent, No. 2015046272701 (Mar. 16, 2016).
According to the AWC, FINRA received notice that Fall was terminated on July 17, 2015, amid allegations that Fall had violated the firm’s policy by borrowing funds from clients. Subsequently, FINRA launched an investigation into Fall’s alleged misconduct. The AWC stated that on January 11, 2016, Fall was sent a letter by FINRA’s personnel, per Rule 8210, requesting that she provide on-the-record testimony by a January 26, 2016 deadline.
The AWC stated that after Fall’s counsel received from FINRA an extension for Fall to provide such testimony, Fall never showed up by the extended deadline. FINRA found that Fall had not cooperated in their investigation by failing to testify, and found Fall to be in violation of FINRA Rules 2010 and 8210. Consequently, this led to Fall’s permanent bar.
Public disclosure records reveal that Fall has been subject to four disclosure incidents, two of which involved the aforementioned employment discharge from LPL and the resulting FINRA action. On December 11, 2015, a former client of Fall filed a customer dispute, alleging unsuitability with respect to products purchased.
On February 11, 2016, Fall was discharged from International Assets Advisory, LLC amid allegations that she violated the firm’s instructions concerning communicating with clients. Fall was alleged to have communicated with clients in violation of Maryland Code as she was not registered in the state. Apparently, Fall continued to communicate with clients in violation of the firm’s policies and state regulations after being made aware of the regulations and rules.
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