- April 24, 2019
- LPL Financial
James Bylenga is a former Financial Advisor at LPL Financial LLC in Portage, MI. James Bylenga has been in the securities industry since 1980 and previously worked at Centennial Securities, Lehman Brothers, Citigroup, Robert Baird & Co. and Comerica.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 5, 2019, James Bylenga was barred indefinitely by FINRA from associating with any FINRA member firm in any capacity. According to the FINRA sanction:
“Without admitting or denying the findings, Bylenga consented to the sanction and to the entry of findings that he refused to produce documents and information requested by FINRA during the course of an investigation that commenced after his former member firm amended his Form U5 reporting that it had initiated an internal review to determine if Bylenga received loans from his client(s) while associated with the firm.”
For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2018060282201%20James%20C.%20Bylenga%20CRD%20705143%20AWC%20jm.pdf.
In 1989, the National Association of Securities Dealers fined James Bylenga $3,000 for allegedly effecting “57 TRANSACTIONS IN WHICH IT SOLD TO CUSTOMERS, AS PRINCIPAL, CERTAIN MUNCIPAL SECURITIES, AS SET FORTH FULL IN EXHIBIT A IN WHICH EACH OF THE TRANSACTIONS ON EXHIBIT A, THE AGGREGATE PRICE WAS NOT FAIR AND REASONABLE TAKING INTO CONSIDERATION ALL RELEVANT CIRCUMSTANCES.
Also reported on his CRD is a 2018 customer complaint which alleged that “funds were inappropriately received by the FA as loans.” That matter settled for $210,000.
For a copy of James Bylenga’s CRD, click https://brokercheck.finra.org/individual/summary/705143#disclosuresSection.
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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