Former Florida LPL Financial Broker Fined and Suspended by FINRA for Failure to Disclose Outside Business Activities on Behalf of Elderly Client

Kevin Luby (CRD #4568246, Port Orange, Florida)

was assessed a deferred fine of $25,000 and suspended by FINRA for 10 months for allegedly failing to disclose to his member firms that he was engaged in outside business activities on an elderly firm client’s behalf.

FINRA's findings stated that the client had named Luby as a co-successor trustee of her trust and co-personal representative of her estate.

Also, Luby assisted the client with the purchase, renovation and eventual ongoing management of certain investment properties. Luby failed to disclose the fiduciary appointments and involvement with the rental properties to one of his firms, and failed to disclose his involvement with the rental properties to the other firm.

FINRA's findings stated that Luby provided false answers on one of the firm’s compliance questionnaires and annual certifications regarding being named the beneficiary of any client’s estate or holding any fiduciary positions for clients.

Kevin Luby's suspension is in effect from January 20, 2015, through November 19, 2015. (FINRA Case #2013038108802)

Kevin Luby was previously registered with the following firms:

03/2012 - 08/2013 LPL FINANCIAL LLC (CRD# 6413) - SOUTH DAYTONA, FL
08/2009 - 03/2012 STIFEL, NICOLAUS & COMPANY, INCORPORATED (CRD# 793) - DAYTONA BEACH, FL
02/2007 - 08/2009 UBS FINANCIAL SERVICES INC. (CRD# 8174) - DAYTONA BEACH, FL
09/2002 - 02/2007 EDWARD JONES (CRD# 250) - ORMOND BEACH, FL

This ends the summary of information located on FINRA's website from March 2015's Disciplinary Report.

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