Mark B. Degner of Fall River Massachusetts is a former stockbroker of LPL Financial that has been fined seven thousand five hundred dollars and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misrepresentations to customers concerning certificate of deposits. Letter of Acceptance Waiver and Consent No. 2015045703002 (Feb. 6 2018).
According to the AWC, between December of 2011 and July of 2012, Degner made recommendations of certificate of deposits to five senior customers. At the time those sales of certificates of deposits were made to the customers, Degner made misrepresentations regarding the customers’ heirs having been able to redeem the certificates of deposits at par value when the customers died. Degner reportedly failed to inform customers that although the certificates of deposits had survivor benefits, there were restrictions on survivors’ abilities to make redemptions of the certificates of deposits prior to maturity.
The AWC stated that customers collectively invested $685,000.00 in the certificates of deposits based upon the recommendations made by Degner. Yet, the limitation on the survivor benefits prevented the redemption of those certificates by the estates of at least two customers. Apparently, customers or their estates collectively lost $75,000.00 as a consequence of selling the investments prematurely. FINRA found that Degner’s misrepresentations constituted a violation of FINRA Rule 2010.
Degner’s registration with LPL Financial LLC was terminated on April 11, 2017. Since March 31, 2017, he has been registered with Ameriprise Financial Services, Inc.
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