April 26, 2016
On April 22, 2016, former registered representative of Lancaster, Kentucky, Jeffrey Borneman, entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve allegations FINRA made against him regarding violations of securities industry rules.
Borneman has worked for FINRA member firm Concorde Investment Services, LLC, Cambridge Investment Research, Inc. and Supreme Alliance LLC. Beginning in 2014, Borneman began doing business as Rampart Portfolio Partners LLC.
Borneman consented, without admitting or denying the allegations made against him by FINRA, to a suspension from association with any FINRA member firm in any and all capacities for a period of thirty days and a $5,000 fine in resolution of FINRA Disciplinary Proceeding No. 2015044368901.
In the AWC, FINRA alleged “Borneman, while registered with Cambridge, owned and operated an LLC as an approved outside business activity. In March 2014, Borneman participated in a private securities transaction when he sold a five percent interest in his LLC to one of his brokerage customers for $15,000. Borneman did not provide Cambridge with prior written notice of this private securities transaction. As a result of the foregoing, Borneman violated NASD Rule 3040 and FINRA Rule 2010.”
A review of Jeffrey Borneman’s FINRA BrokerCheck report reveals that he was discharged by Cambridge Investment Research, Inc. on January 6, 2015, amid allegations he “engaged in a private securities transaction with a client without receiving approval from the firm.”
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