Leslie R. Koonce (CRD# 1131758), who was formerly employed by the brokerage firm of LPL Financial, was recently permanently barred from working in the securities industry.
The permanent bar became effective December 14, 2017, upon the entry of an agreement between Mr. Koonce and the Financial Industry Regulatory Authority (FINRA). FINRA is a self-regulatory organization that policies the brokerage industry.
According to the agreement with FINRA:
Koonce participated in several private securities transactions between January and June 2012. Among other things, he solicited at least 30 prospective investors (including several LPL customers) to invest in convertible promissory notes being offered by a private company; he sent the prospective investors information about the private company from his LPL email account; he took part in arranging meetings where prospective investors could meet with representatives of the private company to obtain additional information; he facilitated the movement of funds for three LPL customers so they could make investments in the convertible promissory notes aggregating $175,000; and he ultimately invested $50,000 of his own money in the convertible promissory notes.
Under securities industry rules, financial advisors are permitted to sell only those investments that have been approved for sale by the supervising brokerage firm.
Mr. Koonce worked for LPL from September 2009 through December 2015, when he was discharged from LPL for violating firm policies. He worked out of an office in Menlo Park, California. After leaving LPL, Mr. Koonce was briefly employed by the brokerage firms of Cetera Advisor Networks, LLC, from December 2015 through December 2016, and EK Riley Investments, LLC, from December 2016 through November 2017.
If you have questions about investments that were sold to you by your stockbroker or financial advisor, contact the experienced investment fraud attorneys at the law firm of Meyer Wilson. Since 1999, the law firm of Meyer Wilson has represented clients in securities arbitration and investment-related litigation through the US.