Gerard A. Fagnant, a former representative of LPL Financial and Ameriprise Financial, consented to FINRA’s sanction that he be barred from the securities industry. According to Fagnant’s Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, while he was associated with LPL, “Fagnant improperly accepted five loans totaling $325,000 from two Firm customers” and “falsely represented on two Firm compliance questionnaires…that he was in compliance with the Firm’s policies and procedures concerning lending arrangements and promissory notes.” The AWC further reflects that Fagnant consented to “a bar from associating with any FINRA member firm in any capacity.”
A review of Fagnant’s FINRA BrokerCheck report shows that he was a registered representative of LPL Financial from November 2011 through April 2015 and that he was a registered representative of Ameriprise Financial from October 1988 through November 2011. The report further indicates that Fagnant has been subject to two customer complaints. In one complaint, the customer alleged that Fagnant failed to add a specific rider to a variable annuity. This claim was settled in September 2009. In the second complaint, the customers alleged that Fagnant recommended that they invest in a private promissory note, which was never repaid. The customers seek damages of $368,750; this claim remains pending.
The FINRA disciplinary proceeding relating to Fagnant’s AWC is No. 2015046376501.
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