Local broker suspended for failing to disclose IRS liens

Friday, January 18, 2013

The Financial Industry Regulatory Authority has suspended Jon D. McKnight, a broker for LPL Financial LLC, for 20 business days. McKnight's suspension is set to begin on Tuesday, Jan. 22 and will run through Tuesday, Feb. 19. According to FINRA's most recent broker check report, which was sent anonymously to and confirmed by the State Gazette, McKnight violated FINRA rules 1122, 2010 and NASD Rule 2110 by failing to amend his form U4 to disclose a material fact. A U4 form is filled out by individuals, in investment positions such as McKnight, who is listed as a broker, and is used to disclose a wide range of past and present information included but not limited to examinations taken, criminal records and financial information such as liens and bankruptcies.

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