Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
James Bylenga: FINRA Bars Former Michigan LPL Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Portage, Michigan broker and investment advisor James Bylenga (CRD# 705143) barred him over findings he refused to provide information relating to allegations he may have received loans from a client. A former representative of LPL Financial, Bylenga was indefinitely barred from acting as a broker or otherwise associating with a broker-dealer firm as a result of these findings.
According to a Letter of Acceptance, Waiver, and Consent (No. 2018060282201) signed in April 2019, James Bylenga received a documents and information request from FINRA on November 7, 2018, as part of its investigation into a disclosure by his former member firm, LPL Financial, that it had commenced an internal review “to determine if [he] received loans from his client(s) while associated with the Firm.” Bylenga was employed at LPL Financial from June 2016 until August 2018, when he was discharged over concerns about his advisory fee structure. According to FINRA’s findings, Bylenga acknowledged through counsel and via email in December 2018 that he had received FINRA’s request for documents information and indicated that he would not produce the requested documents and information. FINRA’s findings state further that this refusal constituted a violation of FINRA Rules 8210 and 2010, which concern compliance with FINRA investigations and standards of commercial honor. As the result of these findings, Bylenga was barred from association with any FINRA member in any capacity.
According to James Bylenga’s BrokerCheck report, he has also received a customer complaint. Specifically, a complaint filed in 2018 alleged that while employed at LPL Financial, Bylenga inappropriately received customers’ funds as loans. The complaint reached a settlement in 2019 of $210,000.
James Bylenga is currently not registered as a broker. His employment history includes LPL Financial in Portage, Michigan, Comerica Securities, Robert W. Baird & Company, Citigroup Global Markets, Lehman Brothers, and Centennial Securities. He currently holds no state licenses and has passed nine securities industry qualification examinations.