FINRA barred ex-LPL Financial broker Marc Mitchell Ravenscroft, formerly of the firm's San Diego branch, for converting $16,299 from LPL as improper reimbursements for expenses while failing to declare that the associated charges had already been partially or wholly refunded to his firm credit card by the vendor.
The findings indicate that Ravenscroft (CRD #2767673), over a four-year period, used the improperly reimbursed funds to pay for his personal expenses and, by submitting inaccurate expense reports to the firm, caused LPL Financial to create and maintain inaccurate books and records.
In certain instances, Ravenscroft, at one time listed as a Vice President of Operations for LPL Financial, allegedly submitted expense reports to the firm seeking reimbursement for "business-related credit card charges" and travel expenses that had already been refunded to Ravenscroft at the time he submitted the expense reports requesting reimbursement.
Investigators concluded that as a result, Ravenscroft caused LPL's records to misleadingly reflect expenses that were not actually incurred.
LPL terminated Ravenscroft in March 2016 for "use of corporate credit card for personal expenses and submission of inaccurate expense reports."
Ravenscroft is presently listed as a senior account executive for Kibo Commerce in Southern California.
If you have invested with Marc Mitchell Ravenscroft or with any broker or financial adviser whose misappropriation or conversion of funds for unauthorized personal use has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.