LPL Financial Disaffiliates With Mark Thomas Lamkin For Private Securities Transactions

Mark Thomas Lamkin (CRD#: 2121510, Louisville, Kentucky) is a prior LPL Financial LLC securities representative. Apparently, Lamkin worked in the firm’s Louisville, Kentucky offices between February 9, 2001 and September 14, 2018. Notably, LPL Financial LLC discharged Lamkin for engaging in misconduct that could have possibly harmed customers.

LPL Alleges Lamkin Engaged In Outside Business Activities, Sold Away From Firm

According to LPL Financial LLC, Lamkin allegedly received or derived a benefit from loans from an LPL Financial LLC customer. Additionally, the firm alleged that Lamkin did not disclose his outside business activities in compliance with the firm’s policies. Furthermore, Lamkin allegedly solicited investors to purchase investments that the firm neither offered or authorized Lamkin to sell. According to the firm, Lamkin engaged in private securities transactions with investors without getting the firm’s authorization. While this may be true, Lamkin denies his former employer’s allegations regarding his undisclosed outside business activities and private securities transactions.
Previously, Lamkin was a general securities representative at PNC Brokerage Corp (Pittsburgh, Pennsylvania) from June 9, 1994 to January 17, 2001. Apparently, PNC permitted Lamkin to resign after the firm investigated his failure to disclose another associate’s access to Lamkin’s bank account. The firm reportedly investigated suspicious funds transfers between that associate at Lamkin.
Additionally, two customers of LPL Financial LLC filed disputes about Lamkin’s sales practices:

August 13, 2018 Complaint Alleging Excessive Annuity Purchases, Misrepresentation, Unsuitability

 
An LPL Financial LLC customer filed a written complaint about Lamkin on August 13, 2018. First, Lamkin allegedly sold the customer an excessive amount of variable annuity products. Second, the customer claimed that Lamkin either failed to disclose facts or misrepresented facts concerning real estate security or annuity products. Third, Lamkin allegedly sold the customer investments which were not suitable for the customer. Finally, the customer claimed that Lamkin altered information on the customer’s account profile. Because of this, the customer demanded $153,554.00 in compensation. Yet, Lamkin claims to have done nothing wrong. Therefore, the matter is unresolved.

January 2, 2019 Complaint Alleging Misrepresentation Of Index Annuity

 
On January 2, 2019, a customer of LPL Financial LLC filed a complaint about Lamkin’s annuity sales. Specifically, the customer claimed that Lamkin misrepresented the features, terms or risks of an index annuity. According to the customer, Lamkin claimed that the index annuity would be safe. Allegedly, Lamkin’s misrepresentations led the customer to purchase or maintain the index annuity investment, and the customer sustained losses. As a result, LPL Financial LLC claims the customer demanded more than $5,000.00 in damages. However, this matter is also unresolved.

Have you experienced losses by investing with LPL Financial Broker Mark Lamkin? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advance all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.