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Philip Nalesnik: FINRA Bars Former LPL Advisor

A disciplinary action taken by the Financial Industry Regulatory Authority against former Pottsville, Pennsylvania broker and investment advisor Philip Nalesnik (CRD# 4561380) barred him over allegations he refused to provide FINRA with requested on-the-record testimony. A former representative of LPL Financial, Nalesnik 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. 2018059313701) signed in May 2019, refused to provide on-the-record testimony requested by FINRA pursuant to FINRA Rule 8210. FINRA’s findings state specifically that its staff sent a request for on-the-record testimony to Nalesnik on April 3, 2019. An email to FINRA staff dated April 9, 2019 indicated that he had received the request, and further that he would not appear for the requested on-the-record testimony. FINRA’s findings state that this conduct constituted violations of two FINRA Rules. The first is Rule 8210, which states both that FINRA has the right to require persons under its jurisdiction to provide testimony related to any matter it is examining or investigating, as well as that no person shall fail to provide testimony pursuant to that rule. The second is FINRA Rule 2010, which requires associated individuals to observe high standards of commercial honor, as well as to observe just and equitable principles of trade. As a result of the foregoing alleged conduct, Philip Nalesnik was barred from association with any FINRA member in any capacity.

FINRA’s findings also note that Philip Nalesnik’s former member firm, LPL Financial, which he joined in 2008, terminated his employment in July 2018, later filing a termination notice stating that Nalesnik had violated firm policies and procedures concerning “outside business activities and failure to timely and completely respond to Firm inquiries.”

Philip Nalesnik is not currently registered as a broker. His employment history includes LPL Financial in Pottsville, Pennsylvania, CCO Investment Services, American Express Financial Advisors, and IDS Insurance Company. He currently holds no state registrations and has passed four securities industry qualification examinations.

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