The Financial Industry Regulatory Authority Inc. has barred former LPL representative Patrick Coogan for signing bank control agreements without the firm’s authorization.
On behalf of one of his customers who pledged assets as loan collateral, Coogan signed seven control agreements from three banks, which gave the banks a security interest in the client’s LPL accounts. A control agreement is designed to protect a bank in the case of a borrower’s default, giving it access to the borrower’s assets before other creditors.
In a letter of acceptance, waiver and consent, Finra said that Coogan signed control agreements that contained misrepresentations about his client’s assets and that he had no authority to sign the control agreements. Further, it said that Coogan had not requested or obtained approval from LPL to sign any of the agreements, and that he didn’t inform the firm that he signed the agreements until after he had done so.
Coogan was affiliated with LPL from June 2009 until he was terminated in April 2018.
FINRA barred the advisor, Sung Moo Cho, last month.
A new MetLife survey finds real estate professionals are increasingly steering clients toward tax experts as rising property values leave more sellers facing significant capital gains.
The independent broker-dealer expands its business development bench with a new recruiter and an internal promotion in the West.
The leading ultra-high-net-worth RIA joins other large wealth firms, including Raymond James and LPL, in creating executive roles focused on artificial intelligence strategy
New Preqin-powered benchmarks add transparency to private equity and credit performance across BlackRock's platforms.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
