John Quinn, Formerly of Valic Financial Advisors, Suspended by FINRA Following Allegations of Participating in Private Securities Transactions Without Approval

INVESTORS: Former Valic Financial Advisors broker John Quinn was suspended by FINRA following allegations that he participated in private securities transactions without his member firm’s knowledge or approval.

John Quinn (CRD: 2576416) was registered as a broker with Valic Financial Advisors from 2019 until 2021.. Previously, Quinn was registered as a broker with LPL Financial in 2019.

Quinn has three disclosures on his BrokerCheck report. One customer dispute filed against Quinn was denied.

August 2018 Regulatory Judgment

• Status: Pending
• Initiated By: FINRA
• Allegations: Without admitting or denying the findings, Quinn consented to the sanctions and to the entry of findings that he participated in private securities transactions without his member firm’s knowledge or approval. The findings stated that Quinn solicited investors to purchase a total of $1,247,500 in restricted shares of common stock in an industrial hemp company. Quinn received 2,540,000 restricted shares of common stock in the hemp company in exchange for referring the investors to the company. In addition, Quinn falsely certified on an annual compliance questionnaire that he had not participated in any private securities transactions. The findings also stated that Quinn engaged in an outside business activity (OBA) without approval from his member firms. Quinn disclosed an entity he wholly owned to the firm as an OBA and represented to the firm that the purpose of the OBA was to hold real estate, and that it was not held out to the public or marketed. The firm approved the entity as an OBA. Later, Quinn requested approval to provide consulting services to the hemp company, an activity that was beyond the scope of the firm’s prior approval of his OBA. The firm denied the request because the hemp company was in the cannabis business. Nevertheless, Quinn provided various consulting services to the hemp company through his OBA. Quinn never informed the firm that he provided these services, notwithstanding the firm’s denial of his request to do so. Quinn also failed to amend his outside business disclosure to accurately describe the services he was rendering to the hemp company through his OBA. When Quinn became associated with another firm, he disclosed the entity as an OBA that bought, renovated, and sold property. Quinn’s description was inaccurate because Quinn was providing consulting services to the hemp company and was not involved in any real estate business. Quinn continued to provide consulting services to the hemp company while associated with the firm, without disclosure to, or approval from the firm. In total, Quinn received $105,000 in fees from the hemp company for his undisclosed and unapproved consulting activities. In addition, Quinn falsely certified on both firms’ annual compliance questionnaires that he had not engaged in any undisclosed OBAs.
• Resolution: Acceptance, Waiver & Consent (AWC)
• Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
• Sanctions: Suspension
• Registration Capacities Affected: All Capacities
• Duration: 18 Months
• Start Date: 12/20/2021
• End Date: 6/19/2023

August 2018 Employment Separation After Allegations

• Firm Name: Valic Financial Advisors, Inc.
• Termination Type: Discharged
• Allegations: Failure to respond to FINRA 8210 request.

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding John Quinn. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.