Former rep barred after double-dipping on credit card

Marc Ravenscroft kept reimbursement after receiving charge reversal

Sep 20, 2017 @ 11:18 am

By InvestmentNews

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The Financial Industry Regulatory Authority Inc. has barred former LPL broker Marc Ravenscroft in connection with his keeping reimbursements for credit card charges that had been refunded.

According to a Finra letter of acceptance, waiver and consent, Mr. Ravenscroft obtained at least $16,299 as reimbursement for business-related credit card charges from March 2012 through March 2016 that were refunded to his credit card by the vendor. He failed to disclose that the charges had been refunded to his credit card and used the reimbursed monies to pay for his personal expenses, Finra said.

LPL discharged Mr. Ravenscroft in March 2016 for using a "corporate credit card for personal expenses" and for "submission of inaccurate expense reports."

Mr. Ravenscroft began his securities career in 1996 at Great-West Life and moved to four other firms over the years before affiliating with LPL in 2006.

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