The Financial Industry Regulatory Authority suspended an ex-LPL broker from association with any FINRA member in any capacity for two months for violating FINRA rules. Allegedly the broker signed another rep’s name multiple times instead of his own while acting as his colleague’s associate, according to the regulator.
Without admitting or denying the findings, John Pace McConkie signed a letter of acceptance, waiver and consent July 22 in which he agreed to the suspension and a $5,000 fine. FINRA accepted the letter this week.
McConkie is no longer associated with a FINRA member firm or registered as a broker, but is still registered as an RIA, according to FINRA’s BrokerCheck website.
LPL and McConkie did not immediately respond to requests for comment on Wednesday.
McConkie became associated with LPL in July 2012 and became registered as a general securities representative while with the firm in April 2013, according to FINRA.
However, LPL terminated his registration by Form U5 filed on Aug. 9, 2019, stating that McConkie was discharged for violating the firm’s document signature policy.
“Over an eleven-month period, McConkie electronically signed at least six account applications and one brokerage-to-advisory change form on behalf” of his colleague “without the colleague’s knowledge, thereby violating” FINRA Rule 2010 (governing standards of commercial honor and principles of trade), FINRA claimed.
McConkie signed the senior registered rep’s name to the forms because, “as an associate advisor without a Series 65 license at the time, he was not authorized to sign the forms himself,” the letter said. “McConkie did not sign on behalf of any customers and all of the underlying activity was authorized,” it added.
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