Barbara D. Fife, a Stockbroker with LPL Financial, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacities after consenting to findings that she refused to cooperate with a FINRA investigation into allegations that Fife converted funds from a customer. Letter of Acceptance, Waiver, and Consent, No. 2015046218901 (Oct. 7, 2015).
According to the AWC, FINRA had sent Fife a letter, pursuant to Rule 8210, containing a request that she provide information and documentation concerning an investigation into allegations that Fife had stolen funds from a customer. The AWC stated that Fife had responded with a letter on September 23, 2015, acknowledging that she had received FINRA’s request, but that she would not be providing any information and documentation at any point. Consequently, FINRA found Fife’s conduct to be in violation of FINRA Rules 8210 and 2010, leading to her permanent bar.
FINRA Stockbrokers like Fife who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
Public disclosure records reveal that Fife has been subject to six disclosure incidents. On January 3, 2000, Fife settled a customer dispute for $728.28 after the client alleged unsuitable investments and failure to disclose fees. On January 13, 2000, Fife settled a customer dispute for $12,000.00 after clients alleged misrepresentation of a certificate of deposit.
On August 16, 2014, Fife settled a customer dispute for $5,505.00 after the customer’s power of attorney alleged that the customer’s signature was forged on purchase documents of investments of $15,000. On June 22, 2015, Fife became subject to a pending customer dispute, where a customer is requesting $200,000.00 after the attorney for the customer’s power of attorney alleged that the customer wrote checks directly to the financial advisor and that the funds were never invested or deposited in the customer’s account.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.