Brian David Smit, of Sioux Falls, South Dakota, a stockbroker 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 Smit engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2015046720601 (Mar. 15, 2016).
According to the AWC, on August 24, 2015, LPL Financial notified FINRA, via a Uniform Termination Notice for Securities Industry Registration, that the firm terminated Smit on August 3, 2015, following his participation in unauthorized private securities transactions.
The AWC stated that on February 10, 2016, FINRA requested Smit provide FINRA with on-the-record testimony, pursuant to Rule 8210, pertaining to Smit’s alleged misconduct.
The AWC stated that Smit reached out to FINRA on February 11, 2016, indicating that he received FINRA’s request, but that he would not be participating in the on-the-record testimony at any point. FINRA found that Smit violated FINRA Rules 2010 and 8210 as a result of not cooperating in their investigation, leading to his permanent bar.
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