Tony Alan Tolene of Mechanicsburg Pennsylvania a stockbroker formerly employed by LPL Financial LLC has been fined $4,000.00 and suspended for forty-five days from associating with any Financial industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he mismarked customer order tickets as being unsolicited when they were solicited. Letter of Acceptance Waiver and Consent No. 2016051834101 (Nov. 27, 2018).
According to the AWC, between April of 2015 and November of 2015, six low priced or unlisted securities trades had been solicited by Tolene in five accounts owned by LPL Financial customers. Tolene apparently documented in LPL’s records and books that the customer’s transactions had not been solicited, which was false.
The AWC stated that Tolene’s false entries regarding the customer’s transactions led LPL Financial to maintain records and books that were inaccurate – a violation of Securities Exchange Act of 1934 Section 17(a) and 17A-3(a). Consequently, FINRA found that Tolene’s conduct was violative of FINRA Rules 2010 and 4511.
The AWC further stated that Tolene was administered a compliance certification document by LPL Financial in 2016. Tolene purportedly represented on the compliance certification document that he did not solicit customers to buy unlisted or low-priced securities. Evidently, Tolene’s representation was false. FINRA found that Tolene’s misstatement was violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that Tolene is referenced in a customer initiated investment related dispute that was settled on August 13, 2013 to resolve accusations that while Tolene was associated with PNC Investments, the customer suffered unwarranted losses on the customer’s mutual fund and variable annuity investments.
LPL Financial discharged Tolene on September 27, 2016 based upon allegations that Tolene solicited securities in violation of the firm’s policy, and failed to cooperate with LPL Financial’s compliance personnel when questioned about his activities. Tolene has been associated with Infinity Financial Services since October 19, 2016.
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