Call Now For a Free Consultation:
(614) 502-6165

Former LPL Broker Leslie Rhodes Koonce Permanently Barred from Securities Industry for Selling Unapproved Investments

Leslie R. Koonce (CRD# 1131758), who was formerly employed by the brokerage firm of LPL Financial, was recently permanently barred from working in the securities industry.

The permanent bar became effective December 14, 2017, upon the entry of an agreement between Mr. Koonce and the Financial Industry Regulatory Authority (FINRA). FINRA is a self-regulatory organization that policies the brokerage industry.

According to the agreement with FINRA:Koonce participated in several private securities transactions between January and June 2012. Among other things, he solicited at least 30 prospective investors (including several LPL customers) to invest in convertible promissory notes being offered by a private company; he sent the prospective investors information about the private company from his LPL email account; he took part in arranging meetings where prospective investors could meet with representatives of the private company to obtain additional information; he facilitated the movement of funds for three LPL customers so they could make investments in the convertible promissory notes aggregating $175,000; and he ultimately invested $50,000 of his own money in the convertible promissory notes.

Under securities industry rules, financial advisors are permitted to sell only those investments that have been approved for sale by the supervising brokerage firm.

Mr. Koonce worked for LPL from September 2009 through December 2015, when he was discharged from LPL for violating firm policies. He worked out of an office in Menlo Park, California. After leaving LPL, Mr. Koonce was briefly employed by the brokerage firms of Cetera Advisor Networks, LLC, from December 2015 through December 2016, and EK Riley Investments, LLC, from December 2016 through November 2017.

If you have questions about investments that were sold to you by your stockbroker or financial advisor, contact the experienced investment fraud attorneys at the law firm of Meyer Wilson. Since 1999, the law firm of Meyer Wilson has represented clients in securities arbitration and investment-related litigation through the US.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram