Failure to provide requested information and documents to the regulator has earned LPL financial advisor John E. Simmons Jr. an automatic debarment from the industry.
It appears that a letter from the self-regulating organization FINRA (Financial Industry Regulatory Authority) was sent to Simmons in February asking for information pertaining to the investigations it was carrying out into his alleged “involvement in a private securities transaction without notice or approval by the firm.”
Simmons, through his counsel, responded with an unequivocal refusal to provide either the information or documents “now or at any time in the future.”
At the time of debarment, Simmons was registered with LPL Financial. His association with LPL ended in September 2020. A month after this event, LPL made known information about an internal review pertaining to Simmons’ alleged “involvement in a private securities transaction without notice or approval by the firm.”
Simmons has a fairly clean prior history as a broker.
From 2008 to 2011 he was registered with LP Financial. Thereafter, till 2015, he was with Investors Capital Corp., after which he moved back to LPL and stayed there for 5 years till his eventual release and debarment.
There is one customer dispute on his BrokerCheck record that dates back to 2012. The customer alleged that he made “unsuitable recommendations and misrepresentations in connection with variable annuity and REIT investments from June 2008 to July 2009.” The case was settled for $28,000.
John E. Simmons | LPL | Lawsuit and Investigation
Haselkorn & Thibaut, P.A., is currently investigating the sales practices of John Simmons while he was at LPL Financial. Former clients or anyone having information on Mr. Simmons’s sale practices is encouraged to call 1-800-856-3352.
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