MADDOX HARGETT & CARUSO INVESTIGATING ALLEGED IMPROPER SECURITIES TRANSACTIONS BY FORMER LPL AND VALIC BROKER JOHN D. QUINN
The Financial Industry Regulatory Authority (FINRA) announced on December 16, 2021, that John Daniel Quinn (CRD #: 2576416) had accepted and consented to FINRA’s findings that he had engaged in undisclosed private securities transactions and outside business activities in violation of industry rules while a registered representative with at least two brokerage firms.
Quinn agreed to an 18-month suspension from associating with any securities company and a $10,000 fine as part of FINRA’s ruling. Quinn did not admit or deny the charges, according to FINRA.
Quinn was a registered representative of Ameriprise Financial Services, Inc. from June 2012 to May 2019, LPL Financial LLC from May 2019 to November 2019, and VALIC Financial Advisors, Inc. from October 2019 to February 2021, according to his BrokerCheck report. In early 2021, he was fired from VALIC, and he is no longer affiliated with any brokerage firms.
Financial advisors like Quinn are prohibited by securities industry laws from engaging in secret private securities transactions or outside commercial activities without first informing and receiving clearance from their supervisory broker-dealer.
According to FINRA, while Quinn was affiliated with LPL, he engaged in six private securities transactions totaling $1.2 million in sales without the knowledge or consent of LPL, in violation of FINRA Rule 3280. Quinn also inappropriately engaged in an outside business activity in which he was paid $105,000 in fees for undeclared and unapproved consulting activities while linked with LPL and later with VALIC, according to FINRA Rule 3270.
When a financial adviser engages in unreported and disapproved private securities transactions and outside business operations, it is common for the advisor’s consumers to be inappropriately marketed assets pertaining to the undisclosed and unapproved activities, according to our law firm’s experience.
Brokerage businesses are required by law to oversee their personnel in a reasonable manner. This involves monitoring and preventing concealed and unauthorized securities transactions to the firm’s consumers through its financial advisors.
Maddox Hargett & Caruso, P.C. represents investors nationwide who are trying to recover their losses. You can call or email our senior partner Mark Maddox to have your potential case evaluated at no charge. Please call 317-598-2043 or email him at firstname.lastname@example.org.