Former Robert W. Baird Broker Patrick Phillips In Trouble With Regulators

AdobeStock_82110313-1-300x125According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), former Robert W. Baird broker Patrick Phillips has violated securities laws. Mr. Phillips allegedly accepted two loans from a firm customer totaling $70,000. He also used a personal email account for business purposes in contravention of policies. This prevented CGMI from discovering emails related to the customer loan. For this misconduct, he was fined $10,000 and suspended from the industry for five months.
Patrick Jermaine Phillips, according to online records, is not currently registered as a broker, and has been suspended from the securities industry. He has one customer dispute against him, alleging the taking of a loan from a firm customer, and one regulatory matter against him. He was previously registered with MSI Financial Services in Chicago, Illinois from October 2016 until December 2016, Citigroup Global Markets in Orland Park, Illinois from August 2013 until July 2016, Ameriprise Financial Services in Chicago from August 2010 until August 2013, and Robert W. Baird in Chicago from December 2006 until August 2010. Robert W. Baird may be liable for Phillips losses on a contingency fee basis in the arbitration forum. The firm had a duty to reasonably supervise its brokers.

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