Finra has suspended for three months a former LPL Financial adviser who was "fired" 15 years ago by Donald Trump on the hit reality television show “The Apprentice.”
“In this boardroom, we’ve never had a team lose so badly,” Mr. Trump said sternly as he faced the adviser, Mark Lamkin, and three team members, according to an October 2005 New York Post article. “You’re all fired! All four are fired!”
LPL in 2018 fired Lamkin, for real, in part for allegedly receiving or benefiting from loans from firm customers, which is a violation of industry rules, according to his BrokerCheck report.
On Monday, the Financial Industry Regulatory Authority Inc. issued its settlement with Lamkin, stating that between December 2011 and August 2017, while registered through LPL, he on three occasions borrowed a total of $1.3 million from a customer without notifying LPL or obtaining written approval.
Lamkin was also fined $7,500. He neither admitted to or denied Finra's findings as part of the agreement.
Based in Louisville, Ken., Lamkin is now registered with Calton & Associates Inc., another independent broker-dealer that is much smaller than LPL. Months after he was terminated by LPL, Lamkin told InvestmentNews that he would prevail and had always worked to do right for his clients.
"Finra did a great job in the investigation and I fully admit to arranging a loan from a long-time friend that I mistakenly believed was exempt from Finra guidelines," he wrote in an email Wednesday.
Finra is "100% correct in its findings and to this day, the friend is a client and fully supports our arrangement and agreement," he added.
Meanwhile, the adviser was also facing an inquiry regarding questions about compensation from the Commonwealth of Kentucky, but those allegations appear to be in the rear view mirror.
"There was insufficient evidence to establish that [Lamkin] devised a plan, through fraud, deceit or misrepresentation to receive compensation for broker-dealer and advisory services to which he was not entitled to receive," according to a recommended order last month issued by Kentucky's department of financial institutions.
The top-ranked RIA by total AUM continues to scale its wealth management arm, bringing its Pennsylvania presence to five offices.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
Chicago Partners Wealth Advisors is helping shape the platform's product roadmap after switching from a legacy system.
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
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
