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FINRA Suspends Ex-LPL Broker Kathryn Charpie

Former Overland Park, Kansas broker Kathryn Charpie (CRD# 840016) was recently the subject of a disciplinary action by the Financial Industry Regulatory Authority over allegations she took an unapproved loan from a customer. A former representative with LPL Financial, Charpie was issued a three-month suspension and a fine of $5,000.

According to a Letter of Acceptance, Waiver and Consent (No. 2018057449501) dated December 2019, Kathryn Charpie was associated with LPL Financial from March 1994 until February 2018, when the firm filed notice that it had terminated her association in connection to allegations she violated firm policy regarding the borrowing of money. FINRA’s findings state that between August 2015 and August 2017, she borrowed a sum of $10,100 from a firm customer, and later repaid the customer $5,640. According to FINRA, that customer was not a family member, and she did not notify the firm about the loan in advance, nor seek its pre-approval of the loan. She also allegedly “denied borrowing from anyone” on three firm compliance questionnaires. FINRA’s findings note that FINRA Rule 3240(a) forbids registered representatives from borrowing money from customers except in compliance with firm written procedures regarding such, and FINRA generally requires firms to give their firms prior notification of and receive prior written approval for all such loans. FINRA also notes that during the period in question, LPL Financial’s written supervisory procedures stated that representatives could not borrow money from customers except in limited cases, for instance, if the customer has a certain familial relationship with the representative. As a result of the foregoing alleged conduct, Charpie was issued a fine of $5,000 and a three-month suspension. 

Kathryn Charpie is currently not registered as a broker or investment adviser. Her previous registrations include LPL Financial, Prudential Securities, EF Hutton & Company, and RG Dickinson & Company. She has passed six securities industry qualifying examinations and his BrokerCheck report lists six state securities licenses. (Information current as of May 8, 2020.)

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