The Financial Industry Regulatory Authority barred an ex-LPL Financial broker from association with any FINRA member in any capacity for allegedly making “reckless misrepresentations of material fact in seven agreements he signed in connection with loans” a client of his obtained from three banks, according to FINRA.
Without admitting or denying the findings, Patrick M. Coogan signed a letter of acceptance, waiver and consent March 17 in which he agreed to FINRA’s sanction. FINRA accepted the letter Wednesday.
LPL and Phillip E. Foco, a partner at Bienvenu Bonnecaze Foco Viator & Holinga, the Baton Rouge, Louisiana law firm that represented Coogan in the FINRA dispute, did not immediately respond to requests for comment Thursday.
Coogan became registered as a general securities representative through LPL in June 2009 and then became registered through LPL as a general securities principal in November that year, according to the FINRA AWC letter.
However, on April 11, 2018, LPL filed a Form U5 terminating his registration, claiming he signed agreements in the name of the firm “without the requisite authority, in violation of firm policy.”