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.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
