Maurice Lawrence Naylon III of Buffalo, New York, a stockbroker registered with Lincoln Financial Advisors Corporation, has been fined $5,000.00 and suspended for 45 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Naylon engaged in an undisclosed outside business activity. Letter of Acceptance, Waiver, and Consent No. 2021071098801 (June 27, 2023).
The AWC stated that from September of 2018 to March of 2021, Lincoln Financial Advisors Corporation’s rules necessitated that its stockbrokers must reveal and get the company’s consent before taking part in any outside business activities.
In September of 2018, Nay Ion sought the company’s permission for an external business activity which would enable him to become the owner of a firm offering structured settlements.
Even though Lincoln Financial Advisors Corporation didn’t give its green light to Naylon’s proposal, Naylon persisted in owning and running the firm from September of 2018 to March of 2021. Moreover, by January of 2020, Naylon had a seat on the company’s board, and acted as its Vice President, Treasurer, and Secretary.
During the same period, Naylon was featured on the company’s promotional materials. He interacted with its customers concerning prospective deals. From September of 2018 to March of 2021, Nay Ion also dishonestly asserted on three yearly compliance surveys that he maintained no participation in activities not sanctioned by Lincoln Financial Advisors Corporation. Therefore, Naylon violated FINRA Rules 2010 and 3270.
Public Disclosure shows that Naylon was also referenced in a customer initiated investment related complaint filed on November 1, 2012, in which the customer requested compensation based upon allegations that Naylon misinformed and misled the customer concerning features of variable universal life insurance policies when Naylon was associated with Lincoln Financial Advisors Corporation.
Naylon was associated with Lincoln Financial Advisors Corporation as a stockbroker from December 21, 1999, to April 16, 2021. On March 19, 2021, Lincoln Financial Advisors Corporation discharged Naylon based upon allegations that Naylon engaged in an undisclosed outside business activity.
Since April 28, 2021, he has been associated with San Blas Securities LLC as a stockbroker, and SB Advisory LLC as an investment advisor representative.
