Brian David Smit—Unapproved Private Securities Transaction

investors rights attorneysBrian David Smit Allegedly Participated in an Unapproved Private Securities Transaction

Brian David Smit allegedly participated in an unapproved private securities transaction, according to a recent FINRA Letter Acceptance, Waiver and Consent (AWC).

Brian David Smit, who entered the securities industry in April 2010 when he became associated with LPL Financial, LLC, was terminated by LPL on August 24, 2015 the AWC notes.

Smit was terminated by LPL for allegedly participating in unapproved investments in violation of LPL policy, the AWC reports.

Brian David Smit Barred by FINRA for Failure to Appear and Provide On-the-record Testimony Related to Allegations that he Participated in an Unapproved Private Securities Transaction

Smit, on February 10, 2016, received a letter from FINRA requesting, in writing, pursuant to FINRA Rules that he appear and provide on-the-record testimony on February 19, 2016, according to said AWC.

FINRA’s request was related to allegations that he allegedly participated in an unapproved private securities transaction in violation of NASD Rules. Smit, on February 11, 2016, acknowledged his receipt of FINRA’s request and informed staff that he would not appear for on-the-record testimony, the AWC notes.

Smit, as a result, violated FINRA Rules, and hence, has been barred by FINRA, the AWC notes.  One should also note that, according to the AWC, Brian David Smit neither admitted nor denied the FINRA findings.

The Peiffer Rosca Wolf Securities Lawyers Often Assist Investors

The Peiffer Rosca Wolf securities lawyers assist investors who lose money as a result of unapproved private securities transactions. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of unapproved private securities transactions are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.