Louis Mark Miller Registered Rep Formerly with LPL Financial LLC Has Been Sanctioned by FINRA for Failure to Cooperate with a FINRA Investigation
Publicly available records recently provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Louis Mark Miller (CRD # 3054955), formerly with Jericho, NY based LPL Financial LLC (CRD # 6413) was recently sanctioned by FINRA’s Department of Enforcement for failing to cooperate with a FINRA investigation after being terminated for violating his employing firm’s policy with regards to the unauthorized use of time and price discretion in customer accounts. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Miller.
Louis Mark Miller became registered in the securities industry in 1998 and had been with LPL Financial Advisors LLC from November 2013 until his termination in December 2017. His prior registrations included Wells Fargo Advisors, LLC (CRD # 19616) from July 2003 to November 2013 and Prudential Securities Incorporated (CRD # 7471) from May 1998 to July 2003.
FINRA’s Finding and Conclusions
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated October 14, 2019, Mr. Miller consented to, without either admitting or denying, the following findings by FINRA’s Department of Enforcement, with regard to the unauthorized use of discretion in customer accounts:
- In March 2018, FINRA initiated an investigation into allegations that Mr. Miller improperly exercised discretion in customer accounts while he was associated with LPL Financial LLC;
- FINRA’s Enforcement division issued, pursuant to FINRA Rule 8210, multiple requests for him to appear and provide documents, information and testimony in furtherance of the investigation;
- Mr. Miller’s counsel acknowledged receipt of the requests on several occasions;
- Despite such acknowledgements, Mr. Miller advised FINRA that he would not appear as requested and failed to appear on November, 14, 2018 and July 11, 2019; and
- Additionally, Mr. Miller failed to comply with the requests for written information on November 1, 2018 and July 5, 2019.
FINRA Sanctions Louis Mark Miller
Pursuant to FINRA Rule 8210, registered individuals are required to provide information with respect to a FINRA investigation. Violation FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” As a result of such violations and in addition to the above described findings and conclusions, FINRA’s October 14, 2019 AWC also indicates that Mr. Miller consented to the following sanction:
- Being barred from associating with any FINRA member firm in any and all capacities.
If you or someone you know has or had a brokerage account with Louis Mark Miller and have concerns regarding losses in your investments or possible 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.