Michigan Registered Representative Consents to FINRA Bar for Allegedly Refusing to Cooperate with FINRA InvestigationTuesday, May 14, 2019
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) to resolve allegations of securities industry rules violations against general securities representative James Bylenga.
According to his FINRA BrokerCheck report, Bylenga was most recently associated with Comerica Securities in Kalamazoo, Michigan from December 2009 to April 2016 and LPL Financial LLC in Portage, Michigan from June 2016 to August 2018. LPL Financial discharged Bylenga due to “[concerns over [his] advisory fee structure.” The firm later amended the Form U5 reporting that it had initiated an internal review in September 2018 “to determine if [Bylenga] received loans from his client(s) while associated with the firm.”
Shortly after LPL Financial amended the Form U5, FINRA commenced an investigation of Bylenga’s conduct and issued requests for information and documents pursuant to FINRA Rule 8210. FINRA staff sent a request to Bylenga on November 7, 2018 seeking written information and documents concerning disclosures made in the amended Form U5. Through his counsel, Bylenga acknowledged that he received FINRA’s request and would not produce the information requested, thus violating FINRA Rules 8210 and 2010.
By signing the AWC, James Bylenga consented to a bar from associating with any FINRA member firm in any capacity.
If a broker was not properly supervised while registered at a brokerage firm, the firm can be held liable for the broker’s misconduct. Did you make investments under the recommendations of James Bylenga and lose money? You may be able to recover from him or LPL Financial LLC, his brokerage firm. With over 18 years of experience representing victims of investment fraud and broker misconduct, our team of attorneys is ready to fight for you. Call us (1-877-410-8172) today for a free, no obligation consult.