Altin Tirana, Broker with LPL Financial, Suspended by FINRA Following Allegations of Falsifying a Representative Code

INVESTORS: LPL Financial broker Altin Tirana was suspended by FINRA following allegations he falsified the representative code for trades in his member firm’s order entry system.

Altin Tirana (CRD: 4837498) is registered as a broker and financial adviser with LPL Financial, where he’s been employed since 2020. Previously, Tirana was registered as a broker with Morgan Stanley from 2009 until 2020.

Tirana has three disclosures on his BrokerCheck report. 

January 2023 Regulatory Judgment

Initiated By: FINRA

Allegations: Without admitting or denying the findings, Tirana consented to the sanctions and to the entry of findings that he falsified the representative code for trades in his member firm’s order entry system, causing the firm’s trade confirmations to show an inaccurate representative code and as a result, he caused the firm to maintain inaccurate books and records. The findings stated that Tirana entered into an agreement through which he agreed to service certain customer accounts, including executing trades for those accounts, under a joint representative code that he shared with a retired representative. Although the firm’s system correctly prepopulated the trades with the joint representative code, Tirana entered the transactions under his personal representative code through which he received a higher percentage of commissions than what he was entitled to receive pursuant to the agreement. Tirana mistakenly believed the representative had agreed that he could change the representative code so that Tirana would receive higher percentages of commissions in order to increase compensation he paid to support staff servicing the customer accounts subject to the agreement. However, Tirana negligently failed to verify whether the representative had agreed that he could change the representative code in this manner. The firm paid restitution of approximately $24,000 to the representative, which is the approximate amount of additional commissions Tirana received as a result of changing the representative code on the trades.

Resolution: Acceptance, Waiver & Consent (AWC)

Sanctions: Civil and Administrative Penalty(ies)/Fine(s)

Amount: $5,000.00

Sanctions: Suspension

Registration Capacities Affected:  All Capacities

Duration: Three Months

Start Date: 2/21/2023

End Date: 5/20/2023

July 2020 Employment Separation After Allegations

Firm Name: MSWM

Termination Type: Voluntary Resignation

Allegations: Allegations that the representative acted inconsistently with the terms of a retired representative agreement by submitting some transactions under his own production number.

May 2018 Customer Dispute

Status: Settled

Allegations: Claimant alleges, inter alia, unsuitability with respect to investments – 2012 until 2018

Damage Amount Requested: $100,000.00

Settlement Amount: $61,500.00

Broker Comment: This matter was settled for business reasons in order to avoid the cost and uncertainty of litigation. The Financial Advisor did not contribute to the settlement and vehemently denies any allegations of wrongdoing.

The Sonn Law Group is currently investigating allegations surrounding Altin Tirana. 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.