Patrick Sloan Discloses Allegations Of False Client Information

Soreide Law Group is investigating possible investor claims against securities broker Patrick Keith Sloan (also known as Sloan Patrick) (CRD: 6466410, Kewanee, Illinois). Evidently, FINRA sanctioned the securities broker, who worked for LPL Financial LLC. Allegedly, Sloan falsified client information. Here is a brief summary of FINRA’s allegations against Sloan.

Patrick Sloan Sanctioned By FINRA For False Client Information

Particularly, on February 10, 2023, FINRA issued Acceptance, Waiver, and Consent No. 2021070741501 sanctioning Patrick Sloan for infractions. Specifically, Sloan was suspended for three months as a securities broker and fined $10,000.

Evidently, Sloan, without admitting or denying the findings, agreed to the sanctions imposed upon him. Additionally, he consented to the acknowledgment of findings stating that he had falsified client signatures on various documents and caused his member firm to maintain inaccurate records.

Falsification of Client Signatures and Violation of Firm Policies

Notably, FINRA’s findings revealed that Sloan, with prior permission, electronically signed a total of seven documents on behalf of five clients. Supposedly, two of these clients were seniors. FINRA indicated that the firm's policies and procedures explicitly prohibited the act of signing a client's name or initials. Signing a client’s name was prohibited regardless of their knowledge or consent.

False Statements and Unauthorized Discretionary Authority

Furthermore, FINRA’s findings indicated that Sloan falsely attested in a compliance questionnaire, stating that he had not signed or affixed another person's signature on any document. Additionally, the financial industry watchdog indicated that Sloan exercised discretionary authority in client accounts. Supposedly, he did not have prior written authority from the clients or approval from his firm. In total, FINRA indicated that he exercised discretion in approximately 70 trades within client accounts.

False Statements in Compliance Questionnaires

Lastly, FINRA indicated that Sloan made false statements in compliance questionnaires. Supposedly, the broker claimed that he had not exercised discretionary authority over any investment accounts.

Sloan Employment Information

• Sloan worked for LPL Financial LLC in Kewanee, Illinois, as a securities broker from November 29, 2017, to March 16, 2021.
  
• Sloan worked for Investment Centers of America Inc. in Kewanee, Illinois, as a securities broker from July 14, 2015, to November 29, 2017.

Damages Resulting From LPL Financial LLC Securities Broker Patrick Sloan?

Have you experienced damages by investing with Patrick Sloan? If so, get in touch with Soreide Law Group at (888) 760-6552 and talk with a securities lawyer about a possible recovery of your losses. Soreide Law Group, who has effectively recovered money for hundreds of investors across the United States, represents clients on a contingency fee basis and advances all costs. Sloan and brokerage firms Sloan worked for deny any and all allegations of sales practice violations.