M. Tyler Bonds, of Newport Beach, California, a stockbroker formerly registered with LPL Financial LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he entered into a loan arrangement with a customer in violation of his firm’s policies. Letter of Acceptance, Waiver and Consent, No. 2016052641501 (June 5, 2017).
According to the AWC, in October of 2015, a customer of the firm, SH, provided Bonds with a $52,000.00 loan. Apparently, the borrowing arrangement was disallowed by the firm; no registered representative was allowed to borrow securities or funds from a customer. The AWC also revealed that the borrowing arrangement was concealed by Bonds from his firm. FINRA found that Bonds’ conduct in this regard was violative of FINRA Rules 2010.
Bonds’ registration with LPL Financial LLC was terminated on November 30, 2016, based upon allegations of his unauthorized loan arrangement with a customer.
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