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LPL Broker Brian Smit: Barred by FINRA

lpl-financialBrian Smit, a South Dakota based LPL Financial broker and financial advisor has been permanently barred from the securities industry by FINRA. Because of the seriousness of a ban, StockBrokerLawyer.com seeks to review all losses that anyone with an account with Brian Smit, at LPL.

Brian Smit worked for five years in the financial securities industry. During that time, Mr. Smit worked for LPL Financial in Sioux Falls, South Dakota (2010-2015). He cannot work for any firms at this time because of the ban.

According to the FINRA documents, Brian Smit has one serious regulatory sanction and was discharged from his position at LPL Financial.

FINRA barred Brian Smit, in March, 2016, because he “refused to appear for on-the-record testimony requested by FINRA related to allegations that he participated in an unapproved private securities transaction.” A financial advisor is required to cooperate in any regulatory review.

In August 2015, Brian Smit was discharged from LPL Financial following complaints that he participated in unapproved investments in violation of firm policy.

Participation in private securities transactions, is also known as “selling away.” Selling away means the broker is selling products on his or her own, not through the firm, but making the customers think that the products are through the brokerage firm, or approved by the brokerage firm. This is a very significant point because brokerage firms don’t like competition, especially from their own brokers, and the firms get blamed for these typically terrible investments. The defense is a dangerous one for clients and customers because the brokerage firms try to avoid any responsibility for the losses caused by the “selling away.” This puts the customer in the worst situation; investments lost, and the brokerage firm running from their broker. If you have been sold investments by a broker but now realize that the investments were not actually through the broker’s firm, it is crucial that you contact us, as experienced stockbrokerlawyers, to defeat the defense of selling away.

If you have losses in your account, with this financial advisor, call (888) 986-7199 or write the investment recovery lawyers at StockBrokerLawyer.com for a free no-cost consultation. We can help recover your losses and seek other damages, too.

You can use the email form or chat on StockBrokerLawyer.com You may be entitled to recover your losses. We work on contingency: we are paid only when you are paid. Time is limited; delay is the favorite defense of the brokerage firms. Call 888-986-7199 now to speak to an attorney for a no cost evaluation.


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