Lance Armstrong (CRD#: 4592423), formerly a registered representative with Raymond James Financial Services in Columbia, New Jersey, has been barred from the securities industry, according to his BrokerCheck record accessed on December 18, 2019.
On November 12, 2019, Lance Armstrong consenting to the finding that he refused to private on-the-record testimony as requested by FINRA, the self-regulatory authority investigating his conduct. The findings held that “Armstrong’s member firm filed a Form U5, disclosing that it had discharged him after he solicited and accepted multiple loans from customers in connection with an undisclosed outside business activity.” Lance Armstrong entered into an AWC, or Acceptance, Waiver, and Consent. An AWC is an agreement between a broker and FINRA in which the broker accepts the allegations against them without admitting or denying them, waives their right to a hearing, and consents to sanctions (in this case, a permanent bar from the securities industry). For more information about AWCs, see our article “What is FINRA AWC?” A copy of Lance Armstrong’s AWC can be viewed here.
This recent regulatory action is not the only disclosure on Lance Armstrong’s BrokerCheck record. On February 8, 2019, Lance Armstrong was terminated from his position as a broker and financial adviser with Raymond Jams Financial Services, Inc. The firm found that he “solicited and accepted multiple loans from customers in connection with an undisclosed outside business activity,” according to his BrokerCheck record.
Two outside business activities are listed On the Detailed Report of Lance Armstrong’s BrokerCheck record.
- Coopcade Capital, LLC of Layfayette, New Jersey: an accounting/CPA/tax preparation business started on March 28, 2011
- First Hope Bank of Columbia, New Jersey: bank/credit union associate; financial advisory/wealth management; spends 40 hours per month on this investment-related activity; 174 hours spent during trading hours
Lance Armstrong may have engaged in other outside business activities that he did not disclose.
In addition to Raymond James Financial Services, Inc., Lance Armstrong has also worked for two other firms:
- Sorrento Pacific Financial, LLC (CRD#: 127787) in Augusta, New Jersey
- ICBA Financial Services Corporation (CRD#: 35089) in Memphis, Tennessee – SEC registration terminated on Septembre 13, 2010
If you invested with Lance Armstrong and have concerns about your investments, don’t hesitate to contact a securities attorney. Call (877) 238-4175 or email firstname.lastname@example.org for your free consultation with the securities attorneys of Fitapelli Kurta.