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.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
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LPL loses another institutional client as Cetera adds a $160 million win to its credit union partnership streak.
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