A former El Dorado stockbroker, John Lathern Hill, has agreed not to work in the securities industry in Arkansas for at least 18 months after regulators found that he had been making trades for other people while he was unregistered.
The consent order was issued Thursday by Arkansas Securities Commissioner B. Edmond Waters.
According to the order, Hill was registered as a broker-dealer and investment adviser representatives for three years, until he was terminated by LPL Financial LLC in November 2013. After that, he continued to make trades online for three former clients who moved their accounts from LPL Financial to TD Ameritrade.
Hill billed the three individuals for what the order called “consulting work,” in one case attaching a TD Ameritrade gain/loss statement to the bill, according to order.
Waters also found that Hill had “provided intentionally misleading answers” under oath during the Securities Department’s investigation. Specifically, he denied having the login information for one person’s Ameritrade account, when “the Staff’s investigation later proved this information to be inaccurate.”
In addition to being barred from registration in the state for a year and a half, Hill will be under heightened supervision if he does seek registration in the future.
A PDF of the consent order is available here.