Articles Tagged with FINRA rule 8210

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FINRA has barred stockbroker Christopher B. Black from the securities industry.  FINRA handed down the expulsion because Mr. Black refused to provide information and documents connected with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer.  Mr. Black was a financial advisor at LPL Financial LLC in Statesboro, Georgia, from October 2017 until his employment was terminated in April 2020 for violating firm policy for not disclosing the loan arrangements.  Mr. Black has also been affiliated with the following business entities:  Renasant Financial Services and LPL Business.

Mr. Black has also been the subject of three customer complaints while employed by LPL Financial LLC.   First, in April 2020, a customer alleged that Mr. Black recommended the purchase of bonds that were not suitable for the investor.   A second customer filed a complaint in July 2020, also alleging misrepresentation and unsuitable recommendations regarding the purchase of bond investments.  Third, a customer filed a complaint in October 2020, which alleged that Mr. Black misappropriated funds between August 2019 and April 2020.  No further details are publicly available regarding this pending complaint.

Before his employment with LPL Financial LLC, Mr. Black was a financial advisor at Wells Fargo in St. Simons Island, Georgia, from November 2013 until September 2017.

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**Update: June 2, 2021**  The Securities and Exchange Commission (“SEC”) has charged James Couture with defrauding investors.   The former LPL Financial broker-dealer and investment advisor allegedly defrauded his clients for about $2.9 million.  According to the SEC’s complaint, from approximately 2009 to December 2019, Mr. Couture, while operating an investment advisory and brokerage business, fraudulently prompted his advisory clients to sell portions of their securities holdings in order to fund large money transfers to an entity (Legacy Financial Group LLC) that, unbeknownst to his clients, Couture owned and controlled. The SEC alleges that Mr. Couture inappropriately obtained his client’s authorization for the transactions by falsely claiming that the proceeds would be reinvested for the clients’ financial benefit.  In reality, Mr. Couture’s alleged purpose in  arranging these transactions was to divert the sale proceeds for his own benefit.  A portion of the money was used to buy a book of advisory clients from another investment advisor representative.

Mr. Couture, 42, of Sutton, Massachusetts, is also facing criminal charges in a parallel action announced by the U.S. Attorney’s Office for the District of Massachusetts.

Mr. Couture owned the Private Wealth Management Group, which provided investment advisory services and sold insurance.  According to the SEC, the business was not registered with the SEC or any state regulator.

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