The Financial Industry Regulatory Authority suspended a former LPL Financial broker for six months and fined him $12,500 for offering paid online financial education courses after the firm disapproved of the activity and also consulting for a hedge fund without the firm's approval.
Without admitting or denying FINRA's findings, Gregory Edward Collins signed a letter of acceptance, waiver and consent on June 9 in which he consented to FINRA's sanctions. Alex Feldman, principal counsel for the FINRA Department of Enforcement, signed the letter on Monday.
LPL and the ex-broker's attorney did not immediately respond to requests for comment on Tuesday.
Collins became associated with LPL in February 2018 and voluntarily resigned from the firm in July 2021. LPL filed a Form U5 Uniform Termination Notice on Aug. 4, 2021.
On Jan. 4, 2022, LPL filed an amended Form U5 on behalf of Collins, stating an internal review found he had "offered paid online financial education courses after Firm disapproval of activity, and that former representative did not receive Firm approval prior to consulting for a hedge fund, an activity that was ultimately disapproved."
