An advisor formerly registered with LPL Financial and Cetera Advisor Networks was suspended from the industry for 60 days for allegedly soliciting and receiving loans totaling $56,000 from two customers, according to a FINRA filing.
The regulator claims that Robert Charles Mangold borrowed $18,000 from a customer on Sept. 4, 2012, while employed at Cetera Advisor Networks, which was then known as Financial Network Investment Corp. The firm prohibited its registered reps from receiving loans from customers who were not immediate family members. He also allegedly borrowed $38,000 from another customer while later employed at LPL, which also specifically prohibited such loans.
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access