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Sean Waggoner: Ex-LPL Broker Suspended Over Alleged Private Transactions

Houston broker Sean Waggoner (CRD# 2748574) was recently the subject of disciplinary action by the Financial Industry Regulatory Authority, sanctioning him in connection to allegations of unauthorized trading. A representative of Cetera Advisor Networks who was formerly associated with LPL Financial in Houston, Texas, Waggoner was issued a two-month suspension and a fine of $10,000.

According to a Letter of Acceptance, Waiver and Consent (No. 2017054826001) dated January 2020, Sean Waggoner was associated with LPL financial as an Investment Company and Variable Contracts Products Representative from 2009 until June 2017, when the firm filed notice of his termination in connection to a “loss of confidence” from management. FINRA’s findings go on to state that from May 2010 until May 2016, he effected eight securities purchases, including of private placements, that were “made on his own behalf” and “outside the scope” of his employment with LPL Financial, which FINRA states he did not provide written notice of the transactions or of his participation in them. The findings go on to state that he had undisclosed outside brokerage accounts. Specifically, according to FINRA, he disclosed to LPL at the time he became associated with it that he had eight brokerage accounts held at an outside firm. When his broker for those accounts moved to a new firm, FINRA states, Waggoner opened eight accounts at that new firm, and on his account opening documents “indicated that he was not affiliated with or employed by a FINRA member firm.” He also allegedly did not disclose these accounts to LPL Financial, and additional “signed and submitted annual compliance questionnaires to LPL” on which he stated, erroneously, that he had no undisclosed securities accounts outside the firm. As a result of the foregoing alleged conduct, Waggoner was suspended from association with any FINRA member firm in any capacity for two months. He was also ordered to pay a fine of $10,000.

Sean Waggoner has been registered with Cetera Capital Advisors in New York, New York since 2017. His previous registrations include James E. Bashaw & Co., LPL Financial, NFP Securities, One Orchard Equities, and the Great-West Life Company. He has passed four securities industry qualifying examinations and his BrokerCheck report lists ten state securities licenses. (Information current as of October 5, 2021.)

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