Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Marc Lippman (Lippman), previously associated with Folger Nolan Fleming Douglas Incorporated, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Lippman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on June 17, 2021.
Without admitting or denying the findings, Lippman consented to the sanction and to the entry of findings that he provided false information to FINRA during on-the-record testimony regarding whether he was aware that his customer was deceased at the time of entering a securities transaction in the customer’s account. The findings stated that Lippman falsely stated that he was unaware of his customer’s death at the time of entering the securities transaction in the customer’s account. The findings also stated that Lippman effected an unauthorized transaction in a deceased customer’s account. Lippman was aware that the customer had died and placed a trade in the customer’s account, selling approximately $80,000 in securities. Despite knowing that the customer died, Lippman effectuated this transaction without permission or consent. Following the transaction, Lippman distributed the funds to one of the customer’s family members.