National investment loss lawyers KlaymanToskes reports broker/investment advisor Jeffrey Kirkpatrick (CRD# 3069597) of LPL Financial and Transitus Wealth Partners has been suspended from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”).
FINRA’s decision comes after Kirkpatrick falsified a wire transfer request form to effectuate the transfer of $1 million from his LPL Financial customer’s account to a third-party entity. According to FINRA BrokerCheck, Jeffrey Kenneth Kikpatrick is currently registered as an investment advisor with Transitus Wealth Partners in Dacula, GA.
Investors that suffered losses with Jeffrey Kirkpatrick may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lawrence@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Jeffrey Kirkpatrick, disclosing that he consented to sanctions of a $10,000 fine and a four-month suspension from associating with any FINRA member in all capacities.
According to the AWC, on July 14, 2020, Kirkpatrick signed a wire transfer request form and submitted it to LPL to effectuate his customers’ requested transfer of $1 million from their account to the account of a third-party entity. Kirkpatrick falsely stated that he had verbally confirmed “the amount, timing and payee instructions with the customer,” when he had not done so. He allegedly did this at the request of his business partner who was a co-representative on the account at issue. As a result, Kirkpatrick violated FINRA Rule 2010.
In addition, FINRA found that between December 2019 and June 2021, Kirkpatrick used his personal mobile phone to exchange messages with his business partner regarding LPL business. As a result, Kirkpatrick caused the firm to not capture or preserve the communications, which it was required to do under FINRA Rule 4511.
Kirkpatrick allegedly violated FINRA Rule 4511 (General Requirements) and LPL Financial’s written supervisory procedures, which required registered representatives to use only LPL-approved methods of communication when sending or receiving communications related to the firm’s securities business.
A violation of FINRA Rule 4511 also constitutes a violation of FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business.
According to FINRA, brokerage firms such as LPL Financial are responsible for the supervision of all of the activities of their registered brokers/financial advisors. Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Former and current customers of Jeffrey Kirkpatrick that suffered losses due to misconduct and/or securities violations may hold their brokerage firm responsible through a FINRA arbitration claim. Contact KlaymanToskes immediately to discuss your recovery options at 888-997-9956 or on the web at www.klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com