ICHAEL B MOUNTJOY (MICHAEL MOUNTJOY, MIKE MOUNTJOY) CRD#: 4421573, a former LPL Financial broker from Louisville, Kentucky, was suspended by the Financial Industry Regulatory Authority (FINRA) from association with any FINRA member in any capacity for six months (5/4/2020 through 11/3/2020) and was fined $10,000 for allegedly participating in private securities transactions and engaging in two outside business activities between 2013 and 2018 without providing prior written notice to his firm, according to FINRA.
FINRA’s findings stated that MICHAEL MOUNTJOY allegedly solicited investors, consisting of friends and business associates, to purchase interests in a Limited Liability Company (LLC) formed to invest in a minor league professional soccer team based in Louisville, Kentucky.
MICHAEL MOUNTJOY, according to FINRA, solicited a total of $378,000 in investments in the LLC from four individuals. Allegedly, Mountjoy provided investors with the subscription agreement and other written materials and communicated with them verbally and by email to inform them about and encourage them to purchase interests in the LLC.
According to FINRA, MICHAEL MOUNTJOY did not receive any compensation for soliciting the investments, nor did he represent or otherwise suggest that the investments had been approved by LPL.
FINRA’s findings stated that MICHAEL MOUNTJOY failed to provide written notice to the firm prior to engaging in outside business activities. Mountjoy was allegedly a member and treasurer of an LLC that owned and leased real estate and also a co-owner and board member of another LLC that owned a fund created to promote foreign investments in Indiana and Kentucky. FINRA alleged that Mountjoy failed to disclose either outside business activity on his annual compliance questionnaires, despite a question asking him whether he had disclosed all outside business activities.
According to FINRA’s BrokerCheck, MICHAEL MOUNTJOY has two disclosures on his CRD report. One is a “Regulatory,” and the other is an “Employment Separation after Allegations,” from November of 2018. Mountjoy was discharged from LPL Financial following allegations of, “Violation of Firm’s outside business activity and private securities transaction policy.” Mountjoy is currently not registered as a broker in the securities industry and had 8 years of previous experience listed with the following firm:
07/01/2010 – 12/11/2018 LPL FINANCIAL LLC – LOUISVILLE, KY
If you’ve experienced financial losses due to the actions or recommendations of former LPL Financial broker, MICHAEL MOUNTJOY of Louisville, Kentucky, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and we represent our clients nationwide before FINRA.