FINRA fined Luke Andrew Powell for participating in private securities transactions totaling $350,000 without providing proper written notice to his firm, Flying Cloud Securities of San Francisco, California. Powell purportedly marketed an outside business activity, Elan Alternative Group, offering convertible notes, having never provided appropriate notice to or obtained permission from Flying Cloud to participate in the investments.
Flying Cloud Securities permitted Powell (CRD #2605657) to resign in 2015 and FINRA took up an investigation, recommending in October 2018 under a Wells Notice examination letter that expired upon FINRA's discipline in November, that Powell face disciplinary action for violation of NASD/FINRA rules.
In November, FINRA issued Powell a fine and suspension, ordering additional disgorgement of $17,500, which FINRA says Powell received for his participation in the unapproved investments.
In addition to Elan Alernative Group of Alamo, California, Powell's BrokerCheck indicates additional outside business activities with Sliced Investing, Inc of San Francisco; Cinco Powell Inc of Alamo; Single Path Inc of Lombard, Illinois; Lendstreet Inc of Sunnvale, CA; and ITB Venture Capital LLC of Alamo.
Elan Alternative Group, Cinco Powell, and ITB Venture Capital all share the same business address in Alamo, California. According to Elan Alternative Group's website, the firm was founded to provide services involving alternative products. The website encourages potential investors to search for "Luke Powell" and "Growth Capital Services" on BrokerCheck for more information.
Speaking of Growth Capital, Powell is presently registered as a general securities representative with Growth Capital Services of San Francisco, having joined Growth Capital shortly after resigning from Flying Cloud.
If you have invested with Luke Andrew Powell or any broker in an outside business activity, whose unauthorized participation in the outside investments, such as through convertible notes or other unapproved marketing or solicitation, has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.