Christopher Hanley Russell, of Huntsville, Alabama, a stockbroker formerly registered with LPL Financial LLC, has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from the firm. Letter of Acceptance, Waiver and Consent, No. 2016052276601 (July 20, 2017).
According to the AWC, between March of 2016 and August of 2016, during the time that Russell was employed with LPL Financial, he effected transactions away from his firm without ever apprising the firm or gaining approval. The AWC indicated that Russell contacted investors who did not maintain accounts with LPL Financial LLC, where he encouraged them to purchase shares in a beer production company. Russell reportedly helped them with the required paperwork for making the investments, and served as their point of contact. Evidently, Russell accumulated $50,000.00 from each of the people who invested. Maybe he knows the guy in Iowa who just Gott busted selling ice-cream.
Apparently, Russell was prompted for information about his participation in private securities transactions via the firm’s 2016 compliance questionnaire. Evidently, Russell denied selling away from his firm. FINRA found Russell’s conduct to be violative of FINRA Rules 2010 and 3280.
FINRA Public Disclosure reveals that on November 4, 2016, Russell was fired by LPL Financial LLC based upon allegations that he engaged in securities transactions outside the auspices of his firm.
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