Former LPL Financial Justin K. Wine Fired for Selling Unapproved Promissory Notes

Justin K. Wine (CRD#: 4088317) is a registered broker based in Cherry Hill, New Jersey. Mr. Wine is currently a representative of BCG Securities, Inc., where he has been employed since 2012. Previously, Mr. Wine was a representative of LPL Financial Services (2010-2012).

According to FINRA, Justin K. Wine has five disclosures on his Brokercheck report. Here, our securities fraud lawyers provide an overview of the three most recent disclosures, which date back to conduct that occurred while this broker was still employed at LPL Financial Services.

FINRA DIsclosures: Justin K. Wine

In August 2012, Justin K. Wine was terminated from his position at LPL Financial. According to the allegations listed in FINRA’s public records, Mr. Wine was discharged because he facilitated the sale of unapproved promissory notes, in direct violation to the internal policies of the brokerage firm.

When an individual broker is terminated by their brokerage firm, the firm must submit certain forms and documents to FINRA. Based on the information received, FINRA may choose to open its own investigation into any allegations of wrongdoing. In this case, FINRA eventually opened up an investigation into Mr. Wine.

FINRA investigators determined that this broker participated in a private placement with a loan company based offshore in the Caribbean. He failed to provide the required disclosure to his member firm (LPL Financial). Without admitting or denying the allegations, Mr. Wine consented to the penalties, which included a 60-day suspension from the securities industry and a $12,500 civil fine.

Notably, in 2015, an investor filed a complaint alleging that losses were sustained due to a promissory note recommended by Justin K. Wine. The investor is seeking $25,000 in financial compensation. As of May 2018, this complaint is still listed as pending in FINRA’s records.

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