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Lynwood Broker Brian Lockett Suspended: Private Placement
Independent Financial Group broker/adviser Brian Lockett (CRD# 4573162) was recently sanctioned by the Financial Industry Regulatory Authority in connection to allegations he engaged in a private securities transaction. A representative at the firm’s office in Lynwood, Washington, Lockett was issued a 45-day suspension and a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2016050847301) dated November 2019, Brian Lockett was associated with Geneos Wealth Management as a General Securities Representative when, in July 2012, he participated in an investment by one of his customers of $50,000 in a private placement offering. FINRA states that his participation involved the introduction of the customer to the transaction; a summarization of why he liked the investment in question; a meeting with the customer to review and sign paperwork; and “causing the paperwork to be submitted.” According to FINRA, he received no payment for his involvement in the transaction. However, FINRA states, he did not notify the firm in writing and in advance about the transaction or his involvement in it. He also allegedly “attempted to conceal his role in the transaction” by recommending to the customer that they communicate with him about the transaction using Lockett’s personal email address. FINRA states that when the customer later made a complaint with the firm, the firm “entered into a settlement to resolve the complaint. FINRA states that this conduct constituted violations of NASD Rule 3040(b) and FINRA Rule 2010. As a result of the foregoing alleged conduct, he was issued a 45-day suspension and a fine of $5,000.
Brian Lockett has been registered as a broker and investment adviser with Independent Financial Group in Lynwood, Washington since 2013. His previous registrations include Geneos Wealth Management and Commonwealth Financial Network. He has passed three securities industry qualifying examinations and his BrokerCheck report currently lists 27 state securities licenses. (Information current as of May 6, 2020.)