Outside FINRA offices in New York. (Photo: Ronald Pechtimaldjian)
The Financial Industry Regulatory Authority has suspended an advisor for 45 days after he concealed a $50,000 private placement offering from the firm he was registered with at the time.
Advisor Brian J. Lockett, CFP, signed a letter of acceptance, waiver and consent on Tuesday in which agreed to the suspension and to pay a $5,000 fine over the incident.
The suspension is set to start Dec. 2, 2019, and end Jan. 15, 2020, according to FINRA BrokerCheck website, which also shows he was involved in nine customer disputes between December 2012 and September 2016.
Lockett participated in that private securities transaction without providing prior written notice to Geneos Wealth Management, violating NASD Rule 3040(b) and FINRA Rule 2010.
Plus, in March 2013, "Lockett attempted to conceal his role in the transaction by suggesting to the customer that the customer communicate about the transaction with Lockett in the future via Lockett's personal email address," FINRA said.
The advisor agreed to the letter without admitting or denying the findings and received no compensation for his role in the private placement.
Lockett became registered as a representative with Geneos Wealth in 2004 and remained there until his "voluntary termination" in November 2013, when he became associated with Independent Financial Group, according to BrokerCheck.
He currently is a vice president with Comprehensive Wealth Management in Lynnwood, Washington, according to its website.
