Robert Kenneth Lindell, of Santa Rosa, California, a stockbroker formerly registered with Richfield Orion International, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Lindell failed to provide FINRA with a response to its request for information about Lindell’s business activities. Case No. 2017053560001 (July 20, 2017).
FINRA’s permanent bar of Lindell comes after Lindell was charged by the State of Maine with committing two felonies – a knowing or intentional securities violation under 32 M.R.S. §§ 16508 and 16501, and theft by unauthorized taking or transfer, conduct violative of 17-A M.R.S. §§ 352 and 353. Case No. 17-707 (Mar. 6, 2017).
FINRA Public Disclosure reveals that Lindell is the subject of four regulatory actions concerning his misconduct. In particular, his investment adviser and securities agent licenses were suspended for three months by the State of Maine Office of Securities according to an Order containing findings that while Lindell was associated with Edward Jones, he made misrepresentations and committed fraud in reference to securities transactions by way of his dissemination of false account value information to a customer. Case No. 02-025-COR (Dec. 17, 2001).
Lindell was then censured and barred in all capacities by the New York Stock Exchange according to a Hearing Panel Decision containing findings that he furnished reports to a customer containing inaccurate information about the customer’s account. New York Stock Exchange Division of Enforcement v. Lindell, No. 02-222 (July 1, 2002). Subsequently, he was fined $15,000.00 by Maine Office of Securities according to an Order finding that while associated with Revere Securities Corp., Lindell unlawfully provided fee-based discretionary advisory services to nine of the firm’s customers; prepared customers’ financial plans in return for compensation; and solicited advisory business from sixteen residents of Maine. Case No. 11-7733 (Oct. 31, 2011).
FINRA Public Disclosure confirms that on December 4, 2011, a customer initiated investment related written complaint involving Lindell’s conduct was settled for $16,500.00 in damages based upon accusations that Lindell made misrepresentations concerning the risks associated with the customer’s principal, and failed to follow the customer’s instructions regarding mutual funds investments. Afterward, on December 10, 2001, a customer filed a written complaint concerning Lindell’s activities, seeking $11,000.00 in damages supported by allegations that Lindell effected an unauthorized switch of the customer’s variable annuity assets, causing the customer to sustain surrender penalties.
Lindell was terminated from previous firm, Revere Securities Corp, on May 7, 2013, founded on accusations that he served as personal trustee on a customer’s account in violation of the firm’s policies; accepted unauthorized payments for financial planning services; and traded in customer accounts on a discretionary basis. Lindell’s registration with Richfield Orion International, Inc. has been terminated as of March 13, 2017.
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