Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker Lucas Mandon King (CRD # 6424176) was recently barred from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into conversion of client funds for personal use.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. King.
Registration Background for Lucas Mandon King
Mr. King first became registered in the securities industry in 2015. He was most recently registered with Bloomington, IL based State Farm VP Management Corp (CRD # 43036) from August 2015 to June 2020.
FINRA’s Allegations against Lucas Mandon King
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated November 5, 2020, Mr. King consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between October 21, 2019 and December 30, 2019, while registered as an Investment Company Products/Variable Contracts Representative through State Farm, and dually employed as an agent with the firm’s insurance affiliate, SFMAIC, [Mr.] King converted $7,083.97 in insurance premiums for his personal use and benefit in violation of FINRA Rule 2010”;
- “Beginning on October 21, 2019, [Mr.] King failed to deposit certain premium payments into the premium fund account, totaling $7,083.97”;
- “Instead, [Mr.] King intentionally and without authority used those funds for his own personal use and benefit to satisfy other business expenses”;
- “[Mr.] King only deposited the missing funds on December 30, 2019, after SFMAIC discovered that he had not deposited the premiums into the premium fund account and questioned him”;
- “[Mr.] King initially lied to SFMAIC, claiming that he had lost the premiums when, in fact, he had used the funds for his own personal use to pay his office staff”; and
- As a result, Mr. King violated FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Sanctions Lucas Mandon King
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s November 5, 2020 AWC also indicates that Mr. King consented to the following sanction(s):
- A bar from associating with any FINRA member in any capacity.
Lucas Mandon King has No History of Customer Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. King reveals he has no history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Lucas Mandon King and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.