Former LPL Financial Services and Stifel Nicolaus registered representative Kevin Luby agreed to a Financial Industry Regulatory Authority (FINRA) Acceptance, Waiver and Consent (AWC) action stemming from multiple violations of FINRA conduct rules 2010 and 3270 for engaging in undisclosed outside business activities and failure to provide prior written notice to his member firm about these outside business activities or receive firm approval to engage in these activities.
On or about August 26, 2009, an elderly Stifel client named Mr. Luby as co-successor trustee of her trust and co-personal representative of her estate as well as beneficiary under the trust. Mr. Luby failed to disclose the fiduciary appointments or bequest to Stifel. On March 16, 2012, Mr. Luby transferred his registration to LPL which was subsequently terminated on August 27, 2013 due to the inappropriate conduct.
The regulatory action resulted in a ten month suspension and a fine of $25,000.00. The full text of the action and may be found on the FINRA website under regulatory action No. 2013038108802. We encourage you to contact the experienced securities fraud attorneys at Colling Gilbert Wright & Carter for a free case evaluation if you were a former client of Kevin Luby while at LPL Financial Services or Stifel Nicolaus.the securities industry on June 19, 1970 as a General Securities