From June 2010 to December 2014, and during the relevant time period, Fackrell worked for LPL Financial, LLC (“LPL”). On December 24, 2014, LPL filed a Uniform Termination Notice for Securities Industry Registration (“Form U5”) with FINRA disclosing that Fackrell was discharged from LPL on December 5, 2014. Fackrell is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction and disciplinary power.
In February 2015, FINRA’s Department of Enforcement initiated an investigation into Fackrell’s business dealings to ascertain whether he converted customer funds and engaged in unapproved private securities offerings “away” from LPL. In connection with this investigation, FINRA sent Fackrell a request for documents and information on or before February 3, 2014. According to FINRA, Fackrell acknowledged receipt of FINRA's Rule 8210 request and informed staff he would not cooperate with FINRA’s investigation.
FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Fackrell failed to provide information and documents in response to FINRA’s request, thereby violating FINRA Rule 8210. FINRA has very little tolerance for uncooperative members and promptly barred Fackrell from the financial industry.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment losses investing with Fackrell through LPL Financial, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please complete the contact form or contact one of our attorneys at (800) 627-2179 to schedule a free consultation.