Soreide Law Group is investigating potential investor claims of sales practice violations by securities broker Mark Lewton Hopkins (CRD#: 2653473, Grand Blanc, Michigan). Notably, Michigan issued Hopkins a $2,500 fine for his concealment of facts when recommending securities to one or more investors. Not only that, but FINRA barred Hopkins in 2019 for stonewalling an investigation. Moreover, three or more of Hopkins’ clients filed complaints about his sales practices. Overall, these disclosures suggest that Hopkins sold unsuitable or unauthorized investments and had caused his customers’ losses. Here’s more on some of the recent disclosures:
Michigan Orders Mark Hopkins To Pay Fine For Concealing Facts About Investments
Evidently, the State of Michigan issued a Consent Agreement and Order on November 18, 2019 compelling Mark Hopkins’s payment of a $2,500 fine to resolve allegations that he omitted facts about securities when providing investment recommendations. Supposedly, when Hopkins advised a client to sell his securities and to invest in a credit union investment, he never disclosed that the customer would not own or control the credit union investment. For this reason, Michigan stated that Hopkins violated Section 501 of the Securities Act.
FINRA Bars Hopkins For Refusal To Participate In Investigation
Notably, FINRA indefinitely barred Mark Hopkins as a securities broker. Evidently, FINRA issued an Acceptance, Wavier and Consent on May 15, 2019 which shows that Hopkins violated Rules 8210 and 2010. Namely, FINRA is empowered under Rule 8210 to compel the securities broker’s production of documents and information in an investigation. Apparently, Hopkins refused to disclose information in connection with the issues identified by American Portfolios Financial Services when it disaffiliated with him on December 14, 2018. According to the employer, Hopkins accepted funds for investments without its approval. It appears that American Portfolios Financial Services did not offer the investment which the client purchased through Hopkins.
American Portfolios Financial Services Client Complains About Mark Hopkins’s Solicitation Of Investment
Evidently, an American Portfolios Financial Services client filed a dispute about Mark Hopkins on July 23, 2019. In this FINRA Arbitration Action #: 19-01961, the client suggested that Hopkins solicited investments that the client purchased away from American Portfolios Financial Services. It seems that Hopkins used the client’s money for himself instead of investing those funds on the customer’s behalf. For this reason, the client demanded $500,000 in compensation in this ongoing matter.
Client Of American Portfolios Takes Issue With Credit Union Investment Arranged By Hopkins
Apparently, a second client of American Portfolios Financial Services took aim at Mark Hopkins through a March 25, 2019 complaint. As with the other dispute, this client suggested that Hopkins solicited investments away from his employer. It seems that the client’s assets were intended for a credit union investment. However, the credit union supposedly did not hold an account for the client’s benefit. Not only that, but the client indicated that Hopkins provided an altered bank check to the client. Because of this, the client alleged $400,000 in damages. This matter is awaiting a resolution.
Losses From Securities Broker Mark Hopkins?
Have you experienced losses by purchasing investments through Mark Hopkins? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Hopkins and his employers.