Leanna Vallie Canup (CRD #6686485) Has a Regulatory Disclosure on FINRA BrokerCheck

Leanna Vallie Canup (CRD #6686485) is a broker with a regulatory disclosure on FINRA BrokerCheck. We reviewed her BrokerCheck report on February 23, 2026. It reflects one regulatory event. If you invested with Leanna Vallie Canup and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

Leanna Canup’s FINRA BrokerCheck Report reflects one regulatory event disclosure. A summary of the matter is below:

On November 20, 2025, the Kentucky Department of Financial Institutions initiated a regulatory action involving Leanna Canup. FINRA BrokerCheck lists the matter as final and says it resulted in an order. The report states the allegations involved dishonest and unethical practices and books and records issues under Kentucky regulations. BrokerCheck lists a cease and desist as the sanction ordered.

Rule Summary #1: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires members to follow high standards of commercial honor. It is often cited when regulators describe dishonest or unethical conduct. A regulatory action can raise questions about whether those standards were met.

Rule Summary #2: FINRA Rule 4511 (Books and Records)

FINRA Rule 4511 requires firms to make and preserve required books and records. Recordkeeping issues can make it harder to review what happened in an account. They can also affect how firms supervise activity.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.
2. Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.
3. Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.
4. Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on Her FINRA BrokerCheck report, Leanna Canup:

Is currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Has passed the Securities Industry Essentials (SIE) exam. Leanna Canup has also passed Series 7 and Series 66.

Kurta Law Can Help

If you have worked with Leanna Canup and you have concerns about her activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Failure to Supervise | What Is Securities Fraud?

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.