The Financial Industry Regulatory Authority has sanctioned a registered representative for failing to amend his Form U4 registration application to reflect tax liens, judgments and a bankruptcy filing.
Without admitting or denying FINRA's findings, Clark E. Harmon, who was associated with Princor Financial Services Corporation, an insurance affiliated broker-dealer, agreed to be fined $10,000 and suspended for six months.
The sanction underscores a need for financial professionals must be professional about finances, their own as well as those of the companies whose securities they recommend and sell, and that doing so is a regulatory compliance mandate.
The sanction also suggests that, especially in times of economic distress or in light of low or intermittent production, firms should consider whether representatives, particularly those working off-site or independently, are experiencing economic distress themselves. Personal economic problems can result in lower production,
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