The Financial Industry Regulatory Authority Inc. has suspended former LPL representative Michael B. Mountjoy for six months and fined him $10,000 for failing to disclose private securities transactions he facilitated away from the firm.
LPL Financial terminated Mountjoy’s registration in December 2018 for those activities. He is no longer associated with a securities firm.
Finra said that Mountjoy, of Louisville, Ky., participated in private securities transactions and engaged in two outside business activities without providing prior written notice to LPL between 2013 and 2018. At the time he was terminated, Mountjoy had been affiliated with LPL for eight years.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
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Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
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