Mark Lewton Hopkins of Grand Blanc Michigan a stockbroker formerly registered with American Portfolios Financial Services Inc. is the subject of an enforcement action initiated by Michigan Corporations Securities and Commercial Licensing Bureau in which the regulator is seeking sanctions against Hopkins based upon allegations that he violated Michigan Securities Act by omitting to a customer that in purchasing a credit union investment, the customer’s funds would not be directed to an account owned or controlled by the customer. Michigan Corporations Securities and Commercial Licensing Bureau Regulatory Action No. 340324 (Nov. 18, 2019).
FINRA Public Disclosure confirms that Hopkins has been identified in three total customer initiated investment related disputes alleging that he engaged in misconduct during the time that he was employed by securities broker dealers including American Portfolios. In particular, on March 25, 2019, a customer filed an investment related complaint concerning Hopkins’ activities where the customer sought $400,000.00 in damages founded on accusations that when Hopkins was employed by American Portfolios, the customer’s investment purchases had been solicited by the stockbroker and purchased away from the securities broker dealer, and Hopkins used an unauthentic check in connection with evidencing repayment terms.
Another customer filed an investment related arbitration claim involving Hopkins’ conduct in which the customer requested $500,000.00 in damages based upon allegations that when Hopkins was associated with American Portfolios, he sold the customer investments made away from American Portfolios and then misappropriated the customer’s funds. FINRA Arbitration No. 19-01961 (July 23, 2019).
FINRA Public Disclosure also
reveals that American Portfolios terminated Hopkins’ registration on December
14, 2018 based upon accusations that customer funds were held by Hopkins
without American Portfolio’s authorization, the stockbroker engaged in an
outside business activity which he failed to disclose to the securities broker
dealer, and he failed to make required regulatory disclosures.
Also, Hopkins has been barred
from associating with any FINRA member in any capacity supported by findings
that the stockbroker neglected to provide information and documentation to
FINRA personnel who had investigated him regarding his termination from
American Portfolios. Letter of Acceptance Waiver and Consent No. 2018060968101
(May 15, 2019).
According to the AWC, Hopkins
was asked to provide information and documentation to the regulator no later
than March 22, 2019. There was no response furnished. The AWC revealed that on
April 18, 2019, after a second request had been made, Hopkins’s legal counsel
reported to FINRA that the stockbroker would not be cooperating in the
investigation at any point. FINRA determined that Hopkins violated FINRA Rules
2010 and 8210 in this regard.
Hopkins’ registration with
American Portfolios has been terminated as of December 20, 2018.
