Michael Radford Severance of Edina Minnesota a stockbroker formerly employed by LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Severance failed to cooperate with a FINRA investigation into accusations of him engaging in undisclosed outside business activities. Letter of Acceptance Waiver and Consent No. 2019061052201 (Nov. 25, 2019).

According to the AWC, an investigation had been opened into Severance’s activities by FINRA following receipt of a Uniform Termination Notice of Securities Industry Registration (also known as a Form U5) from LPL Financial. The Form U5 indicated that on December 31, 2018, Severance was discharged by the securities broker dealer for, inter alia, engaging in prohibited outside business activities. The AWC stated that on November 11, 2019, Severance was asked to provide documentation and information to the regulator as part of its investigation into his possible infractions of FINRA rules.

Severance decided not to cooperate with FINRA personnel. Specifically, FINRA received a phone call from Severance on November 11, 2019 in which it was communicated that although the request for his documentation and information had been received, there would be nothing furnished to FINRA by Severance in response. FINRA found Severance’s conduct violative of FINRA Rules 2010 and 8210.

This is not the first time that Severance has been subject of a disciplinary action and sanctioned by a securities regulator. Specifically, Severance has been fined $5,000.00 by Minnesota Department of Commerce in 2019 supported by allegations that he engaged in inappropriate and irresponsible transactions and violated a fiduciary duty that he owed to an elderly resident of the State of Minnesota. Also, Severance was fined $2,500.00 by Minnesota Department of Commerce founded on accusations that he mismarked customer order tickets and omitted information in regard to the modification of a customer’s investment portfolio.

Severance was employed by LPL Financial from November 29, 2017 to January 2, 2019.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

Questions or comments regarding the source or accuracy of any information, including any subsequent developments, should be directed to:  [email protected]

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer.

Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com

Stockbroker Fraud. Securities Arbitration and Investment Fraud Lawyers.  
National Practice. Contingent Fee. Confidential Free Consultation.

 (877) SEC-ATTY

1700 Market Street, Suite 1005
Philadelphia, PA 19103
Direct: (215) 413-8223
Toll Free: (877) 732-2889

1260 South Soto Street, Suite 7
Los Angeles, California 90023
Direct: (213) 255-3475
Toll Free: (877) 732-2889

2750 NE 185th Street, Suite 302
Aventura, Florida 33180-2877
Direct: (786) 490-2413
Toll Free: (877) 732-2889

See Important Disclaimer

Tags: ,

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website