Marc Halan Baldinger, a former broker with the Stuart, Florida branch of LPL Financial LLC (LPL Financial), submitted a letter of acceptance, waiver, and consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he participated in private securities transactions without the necessary written approval from his employer.
FINRA found that Marc Baldinger assisted 20 clients, who invested a combined total of more than $12 million in Government National Mortgage Association Interest Only bonds (GNMA I/Os), in establishing accounts with other brokerage firms. According to FINRA, Mr. Baldinger received approximately $233,427 in compensation for his role in the sales of the GNMA I/Os; and all of these securities transactions were without the approval of his member firm, LPL Financial. FINRA also found that Mr. Baldinger failed to disclose his position as a managing partner of two limited liability companies, that he failed to disclose that he had opened an account with a broker dealer that was not LPL, and that he also failed to disclose to the non-LPL broker dealer that he was a registered representative. Continue reading →