Practice Management
Finra bars fired LPL broker over undisclosed private transactions
Lilly Riddle / Mar 27, 2025
Derek Lee Copeland, a former brokerage representative with LPL affiliate Independent Advisor Alliance, was found to have conducted 74 undisclosed transactions in private securities that he recommended to LPL customers.
The Financial Industry Regulatory Authority (Finra) has barred a brokerage representative formerly affiliated with LPL Financial after finding that he executed private securities transactions without disclosing them, according to a signed letter of acceptance, waiver and consent filed by the self-regulatory organization on Monday.
Derek Lee Copeland, who worked for the Charlotte, N.C.-based, LPL-affiliated advisory firm Independent Advisor Alliance (IAA) for roughly two years, was found to have participated in 74 undisclosed private securities transactions involving 19 different securities.
He sold those securities to 27 people between 2020 and 2023, 22 of whom were LPL customers, according to the letter. Finra found that the customers collectively invested $11m in the securities.
According to the document, 11 of the securities were promissory notes that investors purchased to raise funds for a wholesale flooring company. The other eight were LLCs made to invest in real estate developments,...
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