- May 20, 2019
- American Portfolio Services
Mark L. Hopkins was a Financial Advisor at American Portfolios Financial Services, Inc. in Grand Blanc, MI. Mark Hopkins entered the securities industry in 1995 and previously worked at LPL Financial Corporation, American Express Financial Advisors Inc. and IDS Life Insurance Company.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2019, FINRA sanctioned Mark Hopkins, barring him from the securities industry for refusing to “produce documents and information requested by FINRA in connection with its investigation relating to the issues disclosed in his Form U5.”
A copy of the FINRA sanction can be accessed by clicking http://www.finra.org/sites/default/files/fda_documents/2018060968101%20Mark%20Lewton%20Hopkins%20CRD%202653473%20AWC%20jm.pdf.
The investigation was in connection with Mark Hopkin’s December 2018 termination from American Portfolios Financial Services, Inc. for allegedly accepting “customer funds for an investment not on the books of the B/D without obtaining pre-approval. Funds were returned to customer. Failure to update OBAs. Failure to report judgment.”
Mark Hopkins also has two customer disputes disclosed on his CRD alleging:
- March 2019 – “Registered Representative solicited funds for an investment away from the broker-dealer at a credit union. The credit union has no account FBO [REDACTED]. RR presented a copy of an altered bank check as evidence of his ability to repay.” Alleged damages are $400,000. That matter is currently pending as of May 2019.
- August 2008 – “CUSTOMER ALLEGED THAT PURCHASE OF REIT IN OCTOBER 2006 WAS UNSUITABLE AND REQUESTED RETURN OF ORIGINAL INVESTMENT.”
For a copy of Mark Hopkin’s CRD, click https://brokercheck.finra.org/individual/summary/2653473.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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