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Gerard A. Fagnant barred from securities industry.

According to FINRA, Gerard A. Fagnant (CRD #1886886, Westminster, Massachusetts) recently submitted an AWC in which he was barred from association with any FINRA member in any capacity.

Without admitting or denying the findings, Fagnant consented to the sanction and to the entry of findings that while associated with a member firm, he allegedly improperly accepted loans totaling $325,000 from firm customers with notifying or receiving approval from his firm.

The findings further stated that of the $325,000 loaned to Fagnant, the customers allegedly obtained $300,000 from their brokerage account. The activity resulted in the near depletion of the customers’ brokerage account. The customers then allegedly wrote checks to Fagnant, which he then deposited into his personal bank account held outside of the firm. The loans were subsequently documented in a promissory note. The findings also stated that after a few months, Fagnant allegedly ceased making interest-only payments to the customer; and to date, the principal balance remains outstanding.

For the full FINRA findings, see FINRA Case #2015046376501.

According to his FINRA BrokerCheck, Fagnant was registered with LPL Financial from 11/2011 – 04/2015.

The foregoing information, which is all available on the FINRA website, is being provided by The White Law Group.  The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.  For more information on the firm and its representation of investors in claims against brokerage firms, visit https://whitesecuritieslaw.com.

For a free consultation with a securities attorney, please call 888-637-5510.

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