According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Justin K. Wine, a former registered representative with LPL Financial, was fined $12,500 and suspended from the industry for two months. According to the AWC, Wine participated in private securities transactions with DS, a micro-loan company based in the British Virgin Islands. This was between April and June 2012. On a separate occasion, between October 2011 and November 2012, Wine engaged in outside business activities with TDC, an event creation and production company. Wine recommended short-term loans to five of his firm customers whose loans totaled $125,000 to TDC. These are against securities rules and regulations. A broker is not permitted to engage in outside business activities without the knowledge or consent of his member firm, in this case, LPL. Because of these transgressions, LPL may be liable for investment losses.
According to Wine’s BrokerCheck report on the FINRA website, he was registered with UBS in Weehawken, New Jersey from February 2000 until August 2002, Merrill Lynch in Washington D.C. from August 2002 until December 2010 and LPL Financial in Washington D.C. from December 2010 until September 2012. He is currently registered with BCG Securities in Cherry Hill, New Jersey and has been since August 2012. He has two customer disputes against him, one which is currently pending. Please call our Chicago-based securities law firm for a free consultation with an attorney to discuss your options of suing LPL. 312-332-4200.
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