Securities Arbitration Lawyer Blog
FINRA has barred former LPL Financial LLC broker Eric Shea Hollifield from the securities industry. Hollifield consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or to produce the documents and information requested by FINRA in connection with its investigation into Hollifield’s potential conversion of funds from an elderly customer.
If you have lost money with Eric Shea Hollifield, or LPL Financial LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.
FINRA Letter of Acceptance, Waiver, and Consent No. 2021072558701
Eric Shea Hollifield and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on October 7, 2021, after FINRA alleged that Hollifield refused to provide the documents and information and appear for testimony, in violation of FINRA Rules 8210 and 2010.
FINRA Rule 8210(a)(1) states that FINRA may “require a…person associated with a member, or any other person subject to FINRA’s jurisdiction, to provide information orally, in writing, or electronically…and to testify at a location specified by FINRA staff…with respect to any matter involved in [a FINRA] investigation.” FINRA Rule 8210(c) states that “[n]o…person shall fail to provide information or testimony…pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons, in the conduct of their business, to “observe high standards of commercial honor and just and equitable principles of trade.”
On September 21, 2021, in connection with its investigation into Hollifield’s potential conversion of funds from an elderly customer, FINRA staff sent a request to Hollifield for his on-the-record testimony. Further, FINRA staff sent a request to Hollifield for documents and information pursuant to FINRA Rule 8210. Hollifield communicated to FINRA staff that he would not appear for on-the-record testimony or produce the documents and information requested at any time.
By refusing to appear for on-the-record testimony or to produce the documents and information both requested pursuant to FINRA Rule 8210, Hollifield violated FINRA Rules 8210 and 2010.
Eric Shea Hollifield (CRD#: 3091319)
Hollifield has 23 years of experience in the securities industry.
Hollifield first entered the securities industry in 1998. Between October 2016 and September 2021, Hollifield was registered with FINRA through his association with LPL Financial LLC. On September 10, 2021, LPL filed a Uniform Termination Notice for Securities Industry Registration (Form U5), terminating Hollifield’s association with the firm.
According to Hollifield’s public FINRA CRD, LPL Financial LLC discharged him for failing to disclose an outside business activity to the firm. His FINRA CRD also shows one pending customer complaint filed on August 25, 2021, and seeking over $1.2 million in damages. The customer alleges that the registered representative misappropriated funds from her account. Finally, according to his BrokerCheck report, Hollifield was the subject of a $179,444 IRS Tax lien in May 2019.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Eric Shea Hollifield, or LPL Financial LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.