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FINRA Bars West Palm Beach Broker For Failure To Cooperate With Investigation Into Misconduct

Caroline Mohan (CRD #2429577) is a previously registered broker and investment adviser. From July of 2017 to March of 2021, Ms. Mohan was associated with LPL Financial LLC, working at a branch office location in West Palm Beach. She was also previously a representative for two other broker-dealers in Florida (Invest Financial Corp and Merrill Lynch).

In November of 2021, Florida broker Caroline Mohan was barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) for failure to cooperate with an inquiry into unapproved outside business activities and private securities transactions. Here, our Miami investment fraud lawyers discuss the allegations against the West Palm Beach broker.

Allegations: Failure to Cooperate With Internal Investigation and FINRA Investigation 

In March of 2021, Florida broker Caroline Mohan was suddenly terminated from her position at LPL Financial LLC. As is required by securities industry regulations, the broker-dealer submitted a Uniform Termination Notice for Securities Industry Registration (Form U5) to regulators. On this form, LPL Financial noted that her departure was a “voluntary resignation” that occurred after she declined to cooperate with an internal brokerage firm inquiry into allegations that she engaged in undisclosed outside business activities and undisclosed private securities transactions.

Registered representatives are required to disclose and get approval for outside business activities and private securities transactions. Based on the information provided within the Form U5, FINRA opened up its own investigation into the professional conduct of former LPL Financial broker Caroline Mohan. FINRA Rule 8210 requires registered representatives and associated persons to cooperate with these types of investigations. However, Ms. Mohan declined to provide documents that were requested and refused to sit for on-the-record testimony. 

Broker Sanctions: Indefinite Bar from the Securities Industry 

FINRA rules require registered brokers and investment advisers (RIA) to cooperate with official investigations into misconduct. It is one of the most important regulations in the securities industry as it helps to protect investors by ensuring that enforcement actions have the tools and information that they need to take action when misconduct occurs. Brokers must cooperate with investigators.

In this case, former LPL Financial broker Caroline Mohan allegedly violated FINRA Rule 8210. This type of professional violation carries significant sanctions. Without admitting or denying any specific allegation raised by her firm or the regulatory body, she consented to the proposed sanctions, including an indefinite bar from associating with a FINRA member firm in any capacity.

Get Help From Our South Florida Financial Advisor Misconduct Attorneys Today

At ​Carlson & Associates, P.A., our Florida securities fraud lawyers are diligent, justice-driven advocates for investors. If you or someone close to you suffered financial losses due to the wrongdoing of a financial advisor, we are more than ready to help. Give us a call today to arrange a confidential review of your case. With a law office in Miami, we provide legal representation to investors throughout South Florida, including in Palm Beach County and Miami-Dade County.


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