MARK LAMKIN Suspended and Fined by FINRA

MARK THOMAS LAMKIN (MARK LAMKIN) CRD#: 2121510, an advisor formerly with LPL Financial of Louisville, Kentucky, has been issued a three month suspension and a $7,500 fine by the Financial Industry Regulatory Authority (FINRA) because he allegedly borrowed $1.3 million from a client without notifying his member firm or obtaining written approval. In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated that MARK LAMKIN borrowed money from a client, and longtime friend, three times between December of 2011 and August of 2017, while he was registered with LPL Financial. The suspension is in effect from 4/20/2020 through 7/19/2020. Lamkin is currently registered with CALTON & ASSOCIATES, INC of Louisville, Kentucky.
According to the FINRA report, without admitting or denying the findings, MARK LAMKIN consented to the sanctions and to the entry of findings that he borrowed a total of $1,265,000 from a client whose account he serviced without notifying his member firm or obtaining its written approval.
FINRA’s findings stated that Lamkin's client was a longtime friend who was also a client of the firm. The first loan in the amount of $740,000, was a promissory note signed by Lamkin's wife and secured by a mortgage identifying MARK LAMKIN and his wife as the borrowers and signed by both. That loan has been repaid in full.
The second loan, in the amount of $250,000, was negotiated between MARK LAMKIN and the client and the note was signed by Lamkin's wife.
The third loan, in the amount of $275,000, was made to an LLC of which MARK LAMKIN was a member and initially the note was signed by Lamkin and his business partner. According to FINRA, while the second and third loans have not been repaid in full, they are currently in repayment.
According to the FINRA report, the client was not Lamkin's family member and the firm's WSPs prohibited registered representatives from borrowing money from a client unless the client was a family member.
FINRA’s findings also stated that in annual compliance questionnaires MARK LAMKIN falsely affirmed that allegedly neither he nor any related person or entity had borrowed or loaned any money or securities from or to another individual or entity.
MARK LAMKIN was terminated by LPL in September of 2018 and was also fired on The Apprentice, Donald Trump’s reality TV show. Lamkin appeared on The Apprentice in 2005.
According to FINRA’s BrokerCheck, MARK LAMKIN has 7 Disclosures on his CRD report.  Of the 7 Disclosures, 3 are “Customer Disputes,” 2 are “Regulatory,” and 2 are “Employment Separation After Allegations.”
MARK LAMKIN has been in the securities industry for 28 years and has been listed with 6 firms.  He is currently listed with the following firm since 12/10/2018:
CALTON & ASSOCIATES, INC.
901 Lily Creek Rd Suite 102
Louisville, KY 40243 
He was previously registered with:
02/09/2001 - 09/14/2018 – LPL FINANCIAL LLC - LOUISVILLE, KY
If you’ve experienced losses due to the actions or recommendations of Louisville, Kentucky, broker, MARK LAMKIN, currently with CALTON & ASSOCIATES, INC and previously with LPL FINANCIAL LLC, contact Soreide Law Group and speak to a lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.