Broker Investigation: Patrick Jermaine Phillips

Patrick Jermaine Phillips (CRD#: 4315963) was previously registered as a broker and investment advisor. In 2016, Mr. Phillips was employed at MSI Financial Services in Chicago, Illinois. This broker has also been associated with Citigroup Global Markets (2013-2016), Ameriprise Financial Services (2010-2013), and Robert W. Baird (2006-2010).

On August 3rd, 2018, FINRA suspended broker Patrick Jermaine Phillips for five months and assessed him a $10,000 financial penalty. These sanctions were related to allegations that this broker borrowed $70,000 from a customer in violation of securities industry rules and internal policies of his member firm.

Broker Suspension: Patrick Jermaine Phillips

The alleged misconduct in this case occurred in 2009, while Mr. Phillips was employed at Robert W. Baird in Chicago. During that time frame, regulators allege that Mr. Phillips improperly borrowed $70,000 from a client. Under FINRA Rule 3240, registered brokers are prohibited from borrowing money from their customers unless:

  1. Their member firm has the appropriate supervisory system in place;
  2. The arrangement conforms to securities industry rules; and
  3. The broker discloses the proposed loan and receives prior approval from their member firm.

In this case, FINRA alleges that Mr. Phillips did not disclose the loan and received no approval from his member firm. In addition, evidence was presented to suggest that he used his personal email account to conceal the transaction. Without admitting or denying any wrongdoing, Patrick Jermaine Phillips consented to the suspension, which runs until January of 2019.

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