The Financial Industry Regulatory Authority says it has barred a fired LPL Financial broker under investigation related to allegations of converting funds from an elderly client.
Eric Shea Hollifield joined the financial services industry in 1998, registering with Merrill Lynch. He subsequently had stints at H&R Block Financial Advisors and Sterne Agee Financial Services before joining LPL in October 2016, according to BrokerCheck.
The same month, Hollifield founded Hamilton Investment Counsel, a registered investment advisory firm. While separate from LPL, Hamilton cleared through LPL, according to Hollifield's LinkedIn profile and the company’s website.
LPL discharged Hollifield in August this year over allegations of failure to disclose outside business activities to the company, according to his BrokerCheck record.
On September 1, Hamilton Investment Counsel also discharged Hollifield, again over allegations that he failed to disclose outside business activities, according to BrokerCheck.
Finra, meanwhile, started an investigation into whether Hollifield had converted funds from an elderly customer. The industry self-regulator on September 21 requested that he provide documents in relation to the allegations and appear for testimony. On September 27, Hollifield made it clear that he would not comply with the requests, resulting in the Finra bar, according to a letter of acceptance, waiver and consent published last week.
Hollifield accepted the bar without admitting or denying the findings, Finra says.
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