Marc Romeyn Lippman of Washington DC a stockbroker formerly registered with Folger Nolan Fleming Douglas Incorporated has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he effected unauthorized trades in customer accounts and had falsified testimony when he was investigated by FINRA regarding his trading activities at Folger Nolan Fleming Douglas. Letter of Acceptance Waiver and Consent No. 2021071514101 (June 17, 2021).
According to the AWC, Lippman was investigated by FINRA concerning his knowledge of a customer’s death during a time that he executed a transaction in their account. Lippman lied about being unaware of the death of the customer. FINRA determined that Lippman violated Rules 2010 and 8210 because of this false testimony.
The regulator noted that the customer had died two days prior to Lippman making an $80,000.00 sale in the customer’s account. The transaction was effected without the customer’s consent. The regulator determined that Lippman violated FINRA Rule 2010 for the unauthorized trade.
Lippman has been referenced in two customer initiated investment related disputes regarding accusations of his harmful activities. FINRA Public Disclosure confirms that a customer filed an investment related complaint concerning Lippman’s conduct where the customer requested more than $5,000.00 in damages based upon allegations that their investment allocation was unsuitable.
On April 29, 2021, a customer initiated investment related FINRA securities arbitration claim involving Lippman’s activities was settled for $326,500.00 in damages founded on accusations that Lippman breached a fiduciary duty to the customer in reference to mutual fund and corporate debt transactions that the stockbroker executed while registered with Folger Nolan Fleming Douglas.
Lippman was discharged by Folger Nolan Fleming Douglas on December 5, 2020 supported by allegations that he failed to be truthful with the securities broker dealer about his knowledge of a customer’s death.