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Eric Hollifield Barred By FINRA After Failing to Cooperate with Investigation

Dec 28, 2021 FINRA Investigation

Eric Hollifield (CRD #: 3091319), a broker formerly registered with LPL Financial, has been barred by FINRA, according to his BrokerCheck record, accessed on December 8, 2021.  

FINRA Allegations  

According to an Acceptance, Waiver, and Consent agreement dated October 7, 2021, Eric Hollifield consented to the findings that he refused to provide on-the-record testimony requested by FINRA in connection with an investigation into his potential conversion of funds from an elderly customer. 

The AWC further states that on September 21, 2021, FINRA sent a request to Eric Hollifield for on-the-record testimony pursuant to FINRA Rule 8210. He reportedly acknowledged that he received FINRA's request but refused to appear for on-the-record testimony at any time. As part of the terms of the AWC, he consented to  a bar from associating with any FINRA member in all capacities.  

By refusing to produce all the information and documents requested in accordance with FINRA Rule 8210, Eric Hollifield also violated FINRA Rule 2010. A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to "observe high standards of commercial honor and just and equitable principles of trade." 

You can read a copy of the AWC here. 

Prior Disclosures 

Employment Termination due to Undisclosed Business Activities 

In 2021, Eric Hollifield was fired by two companies for allegedly failing to disclose his outside business activities. 

  1. Hamilton Investment Counsel fired him on September 1 
  2. LPL Financial fired him on August 12 

According to FINRA Rule 3270, FINRA requires that brokers provide written notice to their firms regarding their outside business activities. By engaging in outside business activities without providing prior written notice to his registered firms, Eric Hollifield violated FINRA Rules 3270 and 2010. 

A violation of FINRA Rule 3270 also constitutes a violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade.  

Eric Hollifield has four businesses listed in the Outside Business Activity of his detailed BrokerCheck report.  

  1. Firm Ethos  
  2. Hamilton Investment Counsel LLC  
  3. Hamilton Investment Advisors 
  4. Real Estate Rental  

If Eric Hollifield persuaded you to work with any of his outside businesses, contact Kurta Law today for a free case evaluation: (877) 600-0098.  

Tax Lien 

On May 7, 2018, Eric Hollifield became the subject of a tax lien for $179,444.30. 

Misappropriation Allegations 

According to allegations filed on August 25, 2021, Eric Hollifield allegedly misappropriated funds from a client's account from August 2020 to August 2021. The damage amount requested is $1,240,000 — the case is still pending.  

Background Information 

Eric Hollifield has passed the following exams:  

  • Series 66 - Uniform Combined State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 7 - General Securities Representative Examination 

He has also worked with the following firms: 

  • Sterne Agee Financial Services (CRD#:18456) 
  • H&R Block Financial Advisors (CRD#:5979) 
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) 

Kurta Law Can Help 

If you lost money after working with Eric Hollifield, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.