July 1, 2015
John Allen Brown entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that in June 2015 he failed to cooperate with a FINRA investigation by announcing his intention not to appear for testimony in connection with an investigation involving allegations that he borrowed funds from a customer pursuant to a loan that he failed to disclose to LPL Financial, his employer.
According to the AWC, in May 2015, FINRA began investigating the circumstances surrounding a $220,000 loan that Brown accepted from an 83 year old customer of LPL Financial. By failing to appear for testimony Brown violated FINRA Rules 8210 and 2010.
Brown of Binghamton, New York, was barred from association with any FINRA member in any capacity. According to FINRA records he was registered with LPL Financial from 11/2010-5/2015. Prior to that he was registered with NFP Securities.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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