Former rep barred after double-dipping on credit card

Marc Ravenscroft kept reimbursement after receiving charge reversal.
SEP 20, 2017
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.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.