FINRA Suspends Former LPL Advisor for Unapproved Business Activities

Posted on October 24th, 2024 at 11:40 AM
FINRA Suspends Former LPL Advisor for Unapproved Business Activities

From the desk of Jim Eccleston at Eccleston Law

FINRA has suspended a former LPL Financial advisor for one month and fined her $5,000 for engaging in unapproved outside business activities related to property management services, according to a settlement agreement known as an AWC (Acceptance, Waiver, and Consent). The advisor, Anida Venniro, provided services to two clients between 2014 and 2020 without receiving the necessary approval from her firm, a violation of FINRA Rule 3270. FINRA Rule 3270 rule mandates that advisors disclose outside business activities and obtain firm approval if they expect compensation. FINRA also cited Rule 2010, which requires advisors to maintain high standards of commercial honor.

According to AdvisorHub, an anonymous source close to Venniro indicated she did not receive payment for the property management services, and one client remains with her. The investigation began after LPL filed a Form U-5 termination notice in March 2021.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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