Former Purshe Kaplan Sterling Investments Financial Advisor Lee Taylor Barred by FINRA After Failing to Particpate in Investigation Alleging Selling Away
Lee Taylor (CRD#: 3045030) is a previously registered Broker and previously registered Investment Advisor. He entered the securities industry in 2010 and previously worked for Purshe Kaplan Sterling Investments; Next Financial Group, Inc.; IDS Life Insurance Company; and Ameriprise Financial Services, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2021, FINRA sanctioned Lee Taylor, barring him from all capacities indefinitely, beginning September 28, 2021. The FINRA sanction states, “Without admitting or denying the findings, Taylor consented to the sanctions and to the entry of findings that he refused to produce documents and information requested by FINRA in connection with its investigation into his potential undisclosed private securities transactions with customers of his member firm, including participating in trading for them for compensation in brokerage accounts outside of the firm.”
For a copy of the FINRA sanction, click here.
In addition, Lee Taylor has been the subject of one previous disclosure, including the following:
● April 2019–A civil judgment/lien in the amount of $3,959.11 was filed against Lee Taylor.
For a copy of Lee Taylor’s FINRA BrokerCheck, click here.
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at firstname.lastname@example.org.