Mark Lamkin, Formerly with LPL Financial, Suspended by FINRA
Our firm is continuing to look into allegations made against Mark T. Lamkin of Louisville, Kentucky. Lamkin was suspended from the securities industry for three months and fined $7,500 by FINRA, the Financial Industry Regulatory Authority. Lamkin was alleged to have borrowed $1.26 million from a friend and customer of his former brokerage firm, LPL Financial. Generally, brokers cannot borrow money from customers without disclosing such to the firm.
Mark Lamkin was a registered representative of LPL Financial from 2001 to September 2018. He has been with Calton & Associates from December 2018 to the present. He worked at a branch office in Louisville, Kentucky. Lamkin has also been the subject of three customer complaints. He was also involved with Mission Athletecare.
Brokerage firms like LPL Financial have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Seattle, Washington; Denver, Colorado; Phoenix, Arizona and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Kentucky and the Louisville area. Our attorneys have represented over one thousand investors in the past, including against LPL Financial.