Maryland

The Division alleged that Respondent engaged in dishonest and unethical practices by borrowing monies from clients, in violation of section 11-302(a)(3) of the Securities Act. The Division alleged that Respondent's violation of section 11-302(a)(3) of the Securities Act and Respondent's bar from association with any FINRA broker dealer are grounds for revocation under sections 11-412(a)(2), (6), and (7) of the Securities Act.

Consent

Bar (Permanent)

Investment Adviser, Investment Adviser Representative, Broker Dealer, Agent

2/27/2017

Cease and Desist

Civil and Administrative Penalty(ies)/Fine(s)

$15,000.00

FINRA

Without admitting or denying the findings, Fall consented to the sanction and to the entry of findings that she failed to appear for on-the-record testimony requested by FINRA in connection with an investigation into a Form U5 filed by her member firm that disclosed the reason for her termination as "borrowing money from clients in violation of firm policy."

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

3/16/2016

INTERNATIONAL ASSETS ADVISORY, LLC

Discharged

CCO and Branch Supervisor had a conference call with both Lisa Quevedo and Sharon Fall in regard to the structure of Simplicity Wealth. At the time, both individuals were told that Sharon Fall was not to communicate with clients until her registration was approved by her home state of Maryland. The parameters were set for what Sharon Fall was permitted to do while awaiting registration approval. During an email review, it was discovered that Sharon Fall was indeed communicating with clients in violation of Maryland Code, Title 11, Subtitle 4, Section 11-402 - Agent required to be registered, as well as firm policy regarding registration requirements. After a subsequent conversation with Ms. Fall, she stated that she was not aware she couldn't speak to clients in regards to their investments. After clearly being made aware of the rules and regulations regarding registration, both Ms. Fall and Ms. Quevedo continued to violate both State and firm regulations.

Unsuitability

I deny the allegations of wrongdoing made by my former client concerning a product the client purchased more than four-and-one-half years ago. The client never complained to me or the firm about the product during the time that I was the client's advisor. I diligently gathered all required financial information from the client, and carefully discussed this product with the client as one of multiple investments from which the client could choose. I provided the client with all required disclosures. Based on the financial information provided by the client and the publicly available information I provided to the client, the product conformed to the client's stated objective of growth with income. The client reviewed and signed all of the necessary paperwork. The firm then reviewed and approved the client's application. The client received a copy of the product contract, confirmation of purchase, and all statements.

LPL FINANCIAL LLC

Discharged

REGISTERED REPRESENTATIVE TERMINATED FOR BORROWING MONEY FROM CLIENTS IN VIOLATION OF FIRM POLICY.