Innovation Partners LLC (CRD#:146344) is a brokerage and investment advisor firm in Charlotte, NC. A recent FINRA regulatory decision alleges the firm continued to allow barred broker Patrick Sutherland (CRD#: 3042322) to work when he was no longer registered.
Sutherland is a convicted felon. His 2015 conviction left him legally disqualified from working as a broker. Innovation Partners (IP) allowed Sutherland to stay on in a management role. During this time he engaged in activities reserved only for registered brokers. This was a violation of FINRA regulations.
The FINRA decision also shows both Sutherland and IP attempting to cover their tracks during the investigation. Sutherland provided false and misleading testimony about his activities with IP and the firm did not initially provide documentation requested by FINRA. The firm eventually complied, but sent partial, incomplete, and untimely information.
FINRA findings conclude that both Innovation Partners and Sutherland committed rule violations. The decision calls for Sutherland and IP to pay monetary sanctions and hearing costs per FINRA rules.
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