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Kevin Looser: Lakeview, Ohio Financial Advisor Suspended
A disciplinary action taken by the Financial Industry Regulatory Authority against former Lakeview, Ohio broker Kevin Looser (CRD# 1973866) suspended him over allegations he participated in private securities transactions. A former representative of Sigma Financial who is currently an investment advisor at Hanlon Investment Management, Looser was suspended for four months and ordered to pay a fine of $10,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2017053702901) dated June 2018, Kevin Looser was registered with Sigma Financial Corporation when, in February 2012, he disclosed to the firm that he was the co-owner of a company involved in the development of “a video platform to connect on-call interpreters with deaf or limited language individuals,” an outside business activity approved by the firm in March 2012. FINRA states that he was also involved between September 2011 and July 2014 in the raising of about $430,000 for that company “from the sale of membership units to fourteen investors.” He introduced the company to these investors, 13 of whom were customers of Sigma Financial, and referred them to the company’s other co-owner to invest in it. He also allegedly “discussed subscription agreements with at least four of the investors and received investment checks from two” of them, which he went on to forward to his co-owner. FINRA states that he did not receive selling compensation from any of these investments, and further that he did not provide his member firm with prior written notice of the private securities transactions, nor receive its approval to do so. Moreover, FINRA states, Sigma did not offer investments in the company’s membership units. FINRA found all of these activities to constitute private securities transactions in violation of NASD Rule 3040 and FINRA Rule 2010. As a result of the foregoing alleged conduct, Looser was suspended from associating with any FINRA member in any capacity for four months. He was also ordered to pay a fine of $10,000.
Kevin Looser’s disclosure records list one employment separation: specifically, his discharge from Sigma Financial Corporation in September 2017 resulting from allegations he failed to timely and properly notify the firm of his participation in an outside business activity.
Kevin Looser is currently not registered as a broker; he has been registered as an investment advisor with Hanlon Investment Management in Lakeview, Ohio since January 2019. His employment history includes Sigma Financial Corporation in Lakeview, Ohio; Berthel Fisher & Company in Cedar Rapids, Iowa; Continental Capital Investment Services in Bryan, Ohio; Key Investments in Cleveland, Ohio; Society Investments; American Express Financial Advisors in Minneapolis, Minnesota; and IDS Life Insurance Company in Minneapolis, Minnesota. He currently holds zero state licenses and has passed three securities industry qualification examinations.