FINRA Suspends Joan Burgio Over Alleged Outside Business
Joan Burgio (CRD #: 5397635), a broker formerly registered with LPL Financial, was recently suspended by FINRA, according to her BrokerCheck record, accessed on January 10, 2023. Read on if you want to know more about her alleged conduct as a broker.
On November 15, 2022, Joan Burgio consented to the entry of findings that she allegedly engaged in undisclosed business activities while employed by Morgan Stanley and LPL Financial from April 2020 to April 2022.
According to a Letter of Acceptance, Waiver & Consent (AWC), Joan Burgio allegedly established Crane & Lotus LLC (C&L) in April 2020 in order to provide administrative services to Florida-based private investment firm Company A. C&L allegedly reconciled trades and facilitated the payment of Company A’s vendors, among other services.
While associated with Morgan Stanley, Joan Burgio allegedly received $246,000 in compensation for services provided to Company A through C&L. She allegedly received another $46,000 in compensation through this relationship while associated with LPL Financial.
In October 2021, Joan Burgio allegedly disclosed C&L to LPL Financial and was denied approval to continue these activities. The AWC alleges that C&L was dissolved in April 2022.
The AWC further alleges that Joan Burgio never disclosed her business to Morgan Stanley, and instead falsely claimed on Morgan Stanley compliance questionnaires in October 2020 and January 2021 that she had fully disclosed all outside business activities.
The AWC concluded that these allegations constituted violations of FINRA Rules 3270 and 2010.
FINRA Rule 3270
FINRA Rule 3270 requires brokers to inform their firm and receive approval for any business activities they engage in beyond their firm.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Joan Burgio consented to the following sanctions:
- $3,500 fine
- 60-calendar-day suspension
Her suspension began on November 21, 2022, and will end on January 19, 2023.
You can read the full AWC here.
Joan Burgio has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
She has also worked for the following firms:
- LPL Financial (CRD#:6413)
- Morgan Stanley (CRD#:149777)
- Raymond James & Associates (CRD#:705)
- Northwestern Mutual Investment Services (CRD#:2881)
Kurta Law Can Help
If you worked with Joan Burgio and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want 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.