Former LPL Financial Broker Carol Ann Holesha Suspended for Borrowing Money from Customer

Carol Ann Holesha (CRD#: 1490209) is a previously registered FINRA broker. From 2009 to 2018, Ms. Holesha was employed at LPL Financial based in Chicago, Illinois. She has also been associated with Mutual Service Corporation.

In July of 2018, Carol Holesha was discharged by LPL Financial after allegations that she improperly borrowed money from a customer. Recently, FINRA suspended Ms. Holesha from the securities industry.

Suspended Broker: Former LPL Financial Representative Carol Holesha

On November 16th, 2018, the Financial Industry Regulatory Authority (FINRA) suspended Carol Ann Holesha from the industry after findings that she improperly borrowed money from an investor and that she made misstatements on annual compliance forms.

Under FINRA Rule 3240, registered representatives are prohibited from borrowing from customers unless certain conditions are met. In addition, brokers must always disclose potential loans to their member firm, and they must seek approval before accepting the loan.

In this case, FINRA alleges that Carol Ann Holesha borrowed $125,000 from an LPL Financial customer in order to facilitate a real estate purchase. No promissory note was ever drafted, nor was the arrangement ever disclosed. This is a clear violation of industry rules.

Without admitting or denying any misconduct, former LPL Financial broker Carol Holesha consented to FINRA’s sanctions, including a five month suspension from the securities industry, a $7,500 civil penalty, and payment of $125,000 in financial restitution.

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