Broker Brian Smit Barred Over Private Securities Transactions

Former Sioux Falls, South Dakota based broker Brian Smit was barred recently by the Financial Industry Regulatory Authority (FINRA) over allegations that he engaged in unapproved investments. Smit was accused of “selling away” from his firm, which is the providing of loans or promissory notes and other investments outside of a brokerage firm. This is against securities rules and regulations. His outside business activities include Pinnacle Wealth Management and Smit Holdings LLC, a rental real estate business. Smit was associated with LPL from April 2010 until August 2015. Firms such as LPL can be sued in the FINRA arbitration process for supervisory failures having to do with brokers being able to engage in unsupervised misconduct, including selling away. We assist investors in reclaiming their losses in the arbitration forum on a contingency fee basis. By calling our Chicago-based law offices and speaking to an attorney for free, we may be able to help you bring a claim against LPL if you lost money with Brian Smit. Smit was registered with LPL Financial in Sioux Fall, South Dakota from April 2010 until August 2015. He is not licensed and FINRA permanently barred him from the industry.

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