Former LPL Financial Broker Borrowed $1.3M From Customer Without Notifying Firm
Mark Lamkin, an ex-LPL Financial representative, has been suspended by the FINRA for three months. Lamkin, who is now a Calton & Associates broker, is accused of borrowing $1.3M in total from an LPL Financial Services customer between 2011 and 2017 without getting written approval from or notifying the broker-dealer. This is not the first time he is accused of broker misconduct.
Shepherd Smith Edwards and Kantas (SSEK Law Firm) is investigating claims involving Mark Lamkin, who has been a registered representative for 28 years. Contact our stockbroker fraud attorneys today.
Lamkin Was Fired By LPL And Donald Trump
According to his BrokerCheck record, Mark Lamkin was previously registered at four other brokerage firms, including PNC Brokerage Corp., GNA Securities, and two other broker-dealers.
He voluntarily stepped down as a PNC broker in 2018 after the firm conducted its own investigation into monies transferred between him and an associate. The broker-dealer eventually found that the associate had moved the funds without Lamkin’s knowledge.
LPL Financial Services fired Lamkin in 2018 over allegations that he obtained loans from customers, did not properly disclose outside business activities to the broker-dealer, and solicited other investors to get involved in private placements without getting the firm’s consent. Lamkin denied the allegations.
This was not the first time the Calton & Associates broker was “let go” from a job. In 2005, Donald Trump “fired” Lamkin from the reality TV show “The Apprentice.”
List Of Broker Fraud Customer Claims Against Lamkin
Mark Lamkin’s BrokerCheck record shows three customer disputes. One broker fraud claim alleging excessive annuities sales, misrepresentations & omissions, and unsuitability was settled for nearly $62K. Another broker fraud complaint, settled for $15K last year, alleged misrepresentation. A third claim, which is still pending, also accuses Lamkin of misrepresentations and unsuitable investment recommendations. The customer is seeking $115K.
In FINRA’s case leading to Lamkin’s suspension, there were three loans involved, including one for $740K done through a promissory note and signed by the ex-LPL broker’s wife to secure a mortgage for the two of them. The loan has since been paid back in full. The other two loans, for $250K and $275K respectively, are still in the process of being fully repaid.
LPL Financial Services bars registered representatives from borrowing funds from a customer unless the said party is a family member. The person whom Lamkin borrowed money from was a longtime friend but not a relative. FINRA also found that Lamkin had falsely affirmed in a yearly compliance questionnaire to not borrowing or lending money or securities from or to another person or entity.
The ex-LPL Financial broker settled FINRA’s case without admitting to or denying the allegations. However, Lamkin does admit to arranging the loans with the friend’s consent and thinking the arrangements were exempt from FINRA’s guidelines.
Our Broker Fraud Attorneys Can Help
If Mark Lamkin or another LPL Financial broker handled your funds and you suffered investment losses that you think were due to negligence or fraud, please contact our investment fraud law firm.
Even during COVID-19, SSEK Law Firm remains hard at work for investors in helping them investigate and file claims against the financial representatives and their brokerage firms responsible for those losses. We are currently working remotely with clients throughout the United States.