Broker Marc Romeyn Lippman of Washington, D.C., recently agreed to a bar by the Financial Industry Regulatory Authority (“FINRA”) relating to false testimony he provided to FINRA relating to the death of a client.
According to the Letter of Acceptance, Waiver and Consent (“AWC”) that Lippman entered into with FINRA, Lippman lied in on-the-record testimony regarding when he knew that a customer died and a subsequent trade he made in the customer’s account after the client had already passed away.
As stated in the Marc Romeyn Lippman AWC:
“On February 25, 2017, the customer referenced above died. On February 27, 2017, Lippman was aware that the customer had died and placed a trade in the customer’s account, selling approximately $80,000 in securities. Despite knowing that the customer died, Lippman effectuated this transaction without permission or consent. Following the transaction, Lippman distributed the funds to one of the customer’s family members.”
In addition to the ban by FINRA, Lippman was also terminated from his firm, Folger Nola Fleming Douglas Inc., for violating FINRA rules.
If your broker has made unauthorized trades in your investment account, you may have a claim against the broker or the firm where he is employed.
Fishman Haygood’s team of investment fraud lawyers represent investors who have suffered investment losses in claims against their brokers or financial advisors and the firms employing/supervising them. If you believe that you may have suffered financial losses due to the misconduct of a financial professional, we may be able to help. Please contact us to discuss your potential claim.