Stoltmann Law Offices is investigating Timothy Richard Lee, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to the AWC, between October 2014 and February 2015, Yee and his wife, Rose Penelope L. Yee, allegedly participated in private securities transactions by purchasing securities in two privately held companies using personal funds totaling $62,500. He also solicited three customers to invest in one of the companies. This is commonly referred to as “selling away” and is when a broker solicits and sells a security that is not held or offered by his member firm. It is against securities rules and regulations. During the relevant time period, Yee was registered with LPL Financial. LPL Financial has a duty to supervise its employees and can be held liable for investment losses if it does not. We sue firms such as LPL Financial in the FINRA arbitration forum to recover losses for those investors who lost money. Yee was suspended from the industry for 15 business days and fined $7,500 for his transgressions. Rose Yee was fined $5,000 and suspended from the industry for 10 business days.
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