FINRA

Without admitting or denying the findings, Lippman consented to the sanction and to the entry of findings that he provided false information to FINRA during on-the-record testimony regarding whether he was aware that his customer was deceased at the time of entering a securities transaction in the customer's account. The findings stated that Lippman falsely stated that he was unaware of his customer's death at the time of entering the securities transaction in the customer's account. The findings also stated that Lippman effected an unauthorized transaction in a deceased customer's account. Lippman was aware that the customer had died and placed a trade in the customer's account, selling approximately $80,000 in securities. Despite knowing that the customer died, Lippman effectuated this transaction without permission or consent. Following the transaction, Lippman distributed the funds to one of the customer's family members.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

indefinite

6/17/2021

Folger Nolan Fleming Douglas Incorporated

Discharged

The Firm learned that statements made by Mr. Lippman regarding the date he became aware of a client's death were inconsistent with an email he had written prior to making such statements.

Breach of Fiduciary Duty

$686,000.00

$326,500.00

PREVIOUS FIRM WITH WHOM THE COMPLAINT WAS FILED ALLEGES THAT THE CLIENT CLAIMS THAT THE CURRENT ASSET ALLOCATION WAS NOT SUITABLE. THE PREVIOUS FIRM HAS NOT GIVEN FNFD A COPY OF THE COMPLAINT. BASED ON WHAT THE SALESMAN BELIEVES THE COMPLAINT ALLEGES, SALESMAN BELIEVES THAT THE CUSTOMER LEFT OUT OF HIS CALCULATIONS THE CASH AND CASH EQUIVALENTS IN THE ACCOUNT;AND THAT IF THESE ASSETS HAD BEEN INCLUDED,AS THEY SHOULD HAVE, THE ALLOCATION WAS CORRECT AS PER PNC'S FINANCIAL PLANNING SOFTWARE.