Former LPL Michigan Financial Advisor James Bylenga Barred by FINRA
FINRA has barred former LPL Financial Broker-Advisor James Cornelius Bylenga (CRD# 705143). Bylenga had been registered in the securities industry since 1980, and was most recently registered with LPL Financial in Portage, Michigan. He was previously registered with Comerica in Kalamazoo from December 2009 to April 2016.
FINRA records indicate Bylenga was barred on April 5, 2019 following an investigation into allegations that he received an improper loan from a client while employed by LPL. The timeline leading up to the disciplinary action is as follows:
- In August 2018, LPL filed a Form U5, or Uniform Termination Notice, with FINRA. In it, the brokerage firm reported that it discharged Bylenga over concerns about his violation of firm policies, including his fee structure.
- An amended Forum U5 filed in October 2018 reported LPL had conducted an internal review investigating whether Bylenga had received improper an improper loan from a client. A representative of the alleged client also filed a complaint against Bylenga, which was settled in November 2018 for $210K, according to FINRA’s BrokerCheck®.
- After receiving the amended Form U5, FINRA conducted its own investigation and requested Bylenga to produce required information and documents. Bylenga failed to do so in violation of FINRA Rules 8210 and 2010.
FINRA is an independent financial industry regulatory organization authorized to protect U.S. investors by ensuring their brokers and financial advisors operate fairly and in accordance to securities regulations. When conducting investigations into alleged investment fraud and misconduct, FINRA often makes requests for documents and information. Failures to comply with those requests or cooperate with regulators can result in sanctions and disciplinary action. In this case, it was a bar from the financial industry.
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