February 2019- Lafayette, LA
According to publicly available records Mark Tauzin (CRD#1716373) , a currently unregistered stockbroker who was last registered with LPL Financial, disclose a regulatory event , a prior customer dispute and a termination from employment.
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 10/2016 Tauzin consented to FINRA sanctions and to the entry of findings that he engaged in a pattern of unsuitable short-term trading of front-loaded Unit Investments Trusts (UITs) in accounts of households that were customers of his member firm. Tauzin had no reasonable basis to believe the short-term trading of these front products was suitable for the customers according to FINRA. The finding stated that Tauzin also maintained blank forms signed by customers relating to accounts for several households. The forms included Automated Clearing House (ACH) authorization forms, margin agreements, account applications and switch disclosure forms. With regards to certain households, completed switch disclosure forms. With regards to certain households, completed switch disclosure forms were used for transactions that appeared identical to the signed, blank forms maintained in Tauzin’s files. The maintenance of the blank forms violated the firm’s written supervisory procedures, document, regardless of client knowledge or consent. Tauzin was suspended for 8 months and agreed to disgorge $205,115, and pay a penalty of $20,000.
In August of 2015 an LPL Financial customer alleged unsuitability, misrepresentations and unauthorized trading in connection with her UIT investments. The case settled for $750,000.
Tauzin was employed with LPL Financial from September 2009 to November 2014 when was discharged by LPL Financial after allegations that he f violated the firm’s document signature policy and concerns regarding short-term UIT Trading.. He previously was employed with Raymond James & Associates, Inc., Inc.
If you have questions about an investment account handled by Mark Tauzin, contact us for a no charge consultation to learn about your legal options.
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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