The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Mark Lamkin. According to his publicly available FINRA BrokerCheck report, Mark Lamkin has been the subject of multiple customer disputes over the course of his career.

Mark Lamkin is presently operating as a Kentucky based securities broker. He has worked in the securities industry for twenty-eight years. During his career, he has been registered with six different securities firms.

His Registrations

  • The Equitable Life Assurance Society of the United States (1991)
  • Equico Securities (1991)
  • GNA Securities (1991-1994)
  • PNC Brokerage Corp. (1994-2001)
  • LPL Financial (2001-2018)
  • Calton & Associates (2018-Present)

The Allegations

  • In August 2018, a customer alleged that Mark Lamkin engaged in the excessive selling of annuities, misrepresented material facts, recommended unsuitable products, and altered account profiles. This case was settled for $61,852 in damages.
  • Also in August 2018, Mark Lamkin was discharged from his position at LPL Financial following allegations that he engaged in private securities transactions without first obtaining his member firm’s authorization.
  • In January 2019, a customer alleged Mark Lamkin misrepresented material details about an investment. This case was settled for $15,000 in damages.

What Does This Mean?

Securities brokers are not allowed to engage in private securities transactions without first obtaining authorization from their member firm. This is because engaging in these transactions can often create significant conflicts of interest for the broker. Less than scrupulous securities broker might recommend privately traded securities to their member firm customers because they have a financial stake in the security, or are receiving cash kickbacks from a third party, or just want the incredibly high commissions they receive when doing so. This can easily lead to investors being placed in private securities they are woefully unsuited for. It is the responsibility of the securities firm to prevent investors from being harmed in this fashion. The firm is not absolved from liability simply because the investor has failed to communicated their intent to engage in these private transactions. Securities firms need to have adequate procedures in placed designed to adequately supervise its registered brokers and prevent them from engaging in any unauthorized and potentially harmful activities.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Mark Lamkin, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.