The Financial Industry Regulatory Authority has suspended former Merrill Lynch advisor Bruce K. Lee for 18 months after he had others complete his required continuing education programs.
Lee, who now leads Chicago-based Keebeck Wealth Management via an RIA partnership with Dynasty Financial, was fired by Merrill in April 2018 for “personal conduct inconsistent with firm standards and failure to personally complete mandatory firm compliance training, resulting in a loss of management’s confidence,” according to the FINRA agreement.
Lee agreed to pay a $15,000 fine as part of the arrangement, the details of which were posted online Wednesday by the regulator.
The former broker managed about $2.4 billion in assets when Merrill asked him to leave.
“Bruce Lee is no longer affiliated with a FINRA organization. His FINRA license expires in six months. This has no impact on his business,” Dynasty said in a statement.
Lee had two staff members finish continuing education training programs for him between June 2014 and March 2018, which violates FINRA Rule 2010.