Joseph A. Likens, of Des Peres, Missouri, a stockbroker formerly registered with LPL Financial LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) Member in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that Likens participated in unauthorized private securities transactions or selling away. Letter of Acceptance, Waiver and Consent, No. 2015045108801 (Oct. 31, 2016).
According to the AWC, as part of an investigation into the private securities transactions effected by Likens, FINRA submitted two letters to Likens in August 2016, requesting that Likens provide recorded testimony on September 27, 2016. The AWC stated that Likens communicated with FINRA personnel on September 25, 2016, in which Likens confirmed receipt of FINRA’s request, but stated that he would not provide such testimony at any point. FINRA found that Likens’ failure to cooperate in the FINRA investigation was violative of FINRA Rule 8210.
Prior to FINRA’s disciplinary action against Likens, he was terminated from Cornerstone Wealth Management, LLC, on May 13, 2015, based upon allegations that Likens violated his firm’s policy pertaining to effecting trades outside the auspices of the firm. The firm also alleged that Likens failed to report holdings.
FINRA Public Disclosure also reveals that on June 20, 2001, a customer initiated an investment related arbitration claim involving Likens’ conduct, in which the customer requested $5,000.00 in damages based upon allegations that Likens effected unauthorized trades in the customer’s account.
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