According to the Financial Industry Regulatory Authority (FINRA) Newport Coast Securities, Inc. (Newport Coast) broker Lucian D. Hodgman (Hodgman) is being suspended from the financial industry for alleged misleading advertisement and dishonest statements. Hodgman has also faced customer complaints alleging unauthorized trading, unsuitable investments, churning and excessive trading.
Hodgman has been registered with the securities industry since 1991. Hodgman has been employed with Moors & Cabot, Inc. from February of 2001 to September of 2013; Investors Capital Corporation September of 2013 to March of 2014; White Weld & Co. Securities, LLC. September of 2013 to March of 2014; and Newport Coast from October of 2014 to February of 2015.
FINRA alleged that Hodgman caused approximately 40,000 advertisement postcards to be released by a third-party marketing company, without the approval of his firm. The postcards allegedly contained information about investing in fixed annuities that failed to provide a sound basis for evaluating an investment in fixed annuities. Hodgman also allegedly falsely represented to his firm that the marketing company prematurely mailed the postcards without his consent.
Hodgman was fined $5,000 and suspended from FINRA for 18 months for his conduct. Hodgman was banned from selling securities in Maine and faces the possibility of being banned from selling securities in Massachusetts for similar conduct.
If you believe you have been the victim of stockbroker misconduct, you may wish to consult an attorney to find out more about your legal rights and options. Investors may contact a securities arbitration attorney at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or email@example.com for a no-cost, confidential consultation.