Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 4, 2018 indicate that Pennsylvania-based broker-dealer firm Lincoln Investment Planning was recently sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Lincoln Investment Planning (CRD# 519).
Established in Pennsylvania in 2015, Lincoln Investment Planning is headquartered in Fort Washington, Pennsylvania and registered with 53 US states and territories. According to its BrokerCheck report, it has received six regulatory sanctions.
In September 2018 FINRA sanctioned the firm in connection to allegations it failed to implement surveillance procedures that were reasonably designed to monitor the firm’s representatives’ “rates of effecting variable annuity exchanges.” According to FINRA’s findings, the firm only engaged in tracking of exchanges where the firm was the annuity’s broker of record, and overlooked exchanges where the firm was not the annuity’s broker of record. FINRA also stated that over 50% of the ~2,800 annuity exchanges conducted by its representatives were not included in its surveillance report because of these oversights. The firm was censured and issued a fine of $35,000, in addition to correcting its surveillance report such that it includes all variable annuity exchanges.