November 2020- Grand Blanc, MI
According to publicly available records, former American Portfolios Financial Services, Inc. (APFS) , financial advisor Mark Lewton Hopkins, has been barred from the securities industry by FINRA. He discloses 2 regulatory events, a pending civil case, 2 customer disputes and a termination.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In January of 2020, the State of Michigan filed case #240324 alleging that in connection with the offer or sale of securities, Hopkins omitted a material fact necessary to make other statements made not misleading. Sanctions were a fine of $2,500.
In May of 2019 in FINRA case 2018060968101 Hopkins was permanently barred from the securities industry to resolve allegations that he refused to provide documents and information requested by FINRA in connection with its investigation relating to the issues disclosed in his regulatory reporting. As a result, Hopkins was permanently barred from FINRA in all capacities.
In July of 2020, the United States Securities and Exchange Commission in Federal Court in the U.S. District Court of the Eastern District of Michigan filed case #20cv11980 against Hopkins alleging that he misappropriated at least $1.15 million from at least five customers of the brokerage firm with which he was associated. Hopkins represented that he would invest their funds in an investment program at a local credit union, when in actuality no such program existed. Rather than investing the customer funds, Hopkins deposited them into an account he controlled at the credit union and misappropriated them.
In July of 2019 an American Portfolios Financial Services, Inc. customer alleged that Hopkins solicited $500,000 purportedly for an investment away from APFS and utilized the funds for his own purposes. That case was resolved for $175,000.
In March of 2019, an APFS customer alleged that Hopkins solicited funds for an investment away from the brokerage dealer at a credit union. Hopkins presented an altered bank check as evidence of his ability to repay. The alleged damages are $400,000 and the case is still pending.
In December of 2018, APFS permitted Hopkins to resign after allegations that he accepted customer funds for an investment that was not on the books of the firm and without obtaining pre-approval.
Hopkins was employed by American Portfolios Financial Services, Inc. from June of 2009 until December of 2018. Before that time he was employed with LPL Financial Corporation.
If you have losses in an account handled by Mark Hopkins, call to learn how you may be able to recover damages through FINRA arbitration.
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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