Pending complaints against UBS Financial Services broker and investment advisor Jose Cornide (CRD# 2785918) allege the Coral Gables, Florida-based representative...Read More
Luke Powell: FINRA Suspended Growth Capital Services Broker
A disciplinary action taken by the Financial Industry Regulatory Authority against San Francisco, California broker Luke Powell (CRD#) suspended him over allegations he participated in undisclosed and unapproved private securities transactions. A representative of Growth Capital Services and former representative of Flying Cloud Securities, Powell was suspended for three months and fined $5,000.
According to a Letter of Acceptance, Waiver and Consent () dated November 2018, Luke Powell was associated with Flying Cloud Securities and acting through a company it had “previously approved as an outside business activity” when, in September 2014, he made an agreement with another company to engage in a private offering of that company’s convertible notes. According to FINRA’s findings, Powell “otherwise was not affiliated with that company.” The findings go on to state that he engaged in marketing activities surrounding the private offering, and introduced it to a venture capital fund that made an investment of $200,000. He also allegedly “arranged for the placement of the offering on a crowdfunding website” in January 2015, and by the end of that month it had raised a sum of $150,000 via the website in question, “including a $1,000 personal investment by Powell.” According to FINRA, the company paid him $17,500 for his activities, and he did not provide written notice to his firm about them or receive its written permission to engage in the private securities transactions. FINRA states that these activities constituted violations of FINRA Rule 2010 and NASD Rule 3040. As a result of the foregoing alleged conduct, he was suspended from associating with any FINRA member in any capacity for three months. He was also ordered to pay a fine of $5,000 and disgorgement of $17,500.
Luke Powell has been registered as a broker with Growth Capital Services in San Francisco, California since 2015. His employment history includes Flying Cloud Securities in San Francisco, Gordian Investments, Equus Financial Consulting, Newoak Capital Markets, J. Giordano Securities Group, Independent Research Group, BancBoston Robertson Stephens, BancAmerica Robertson Stephens, and Robertson Stephens & Company. He currently holds 17 state licenses and has passed three securities industry qualification examinations.