FINRA

Respondent Likens failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

All Capacities

Indefinite

Continues until required payment is made or discharged.

1/5/2022

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Likens is suspended on January 5, 2022 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Missouri

Respondent engaged in dishonest and unethical practices while registered as a broker-dealer agent and investment adviser representative in violation of Section 409.4-412(d)(13).

Consent

Bar (Permanent)

brokerdealer, investment adviser, broker-dealer agent or investment adviser representative in the state of Missouri

Monetary Penalty other than Fines

$50,000.00

$3,000.00

Restitution

Respondent, his agents, employees and servants, and all other persons participating in or about to participate in the above-described violations with knowledge of this Order are permanently enjoined and restrained from engaging in dishonest or unethical practices in violation of Section 409.4-412(d)(13).

The Customers allege selling away from the firm and misrepresentation in April 2015.

$29,575.00

Customer alleges misrepresentation and selling away.

The Customer alleges selling away from the firm, unsuitable investment recommendations and misrepresentation in November 2011.

$120,000.00

$92,000.00

FINRA

Without admitting or denying the findings, Likens consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony related to a FINRA investigation into allegations that he may have engaged in private securities transactions.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

10/31/2016

Client alleges selling away from February 2011 to May 2015.

$62,607.30

The Customer alleges selling away from March 2014 to April 2016.

$24,400.00

The Customer alleges selling away from March 2014 to July 2016.

$25,758.64

Customer alleges selling away from August 2010 to July 2014.

$305,000.00

The Customer alleges selling away from August 2010 to July 2015.

$46,581.05

Customer alleges selling away from August 2010 to July 2016.

$118,050.00

Customer alleges selling away from August 2010 to July 2016.

$113,250.00

Customer alleges selling away from January 2012 to Oct 2016.

$162,090.72

Customer alleges selling away from July 2010 to July 2016.

$98,000.00

Customer alleges selling away from June 2012 to April 2016.

$103,575.74

Customer alleges selling away from February 2011 to June 2016.

$97,500.00

CORNERSTONE WEALTH MANAGEMENT, LLC

Discharged

VIOLATED FIRM POLICY REGARDING TRADING AWAY AND UNREPORTED HOLDINGS

THE CLIENT STATES SHE EXPRESSED AN INTEREST IN INVESTING $5,000 INTO A MORE AGGRESSIVE FUND. THE CLIENT STATES ON 2/9/00 LIKENS TRANSFERRED $16,000 FROM WASHINGTON MUTUAL INTO VAN KAMPEN TECH FUND. THE CLIENT STATES SHE DOES NOT REMEMBER AUTHORIZING LIKENS TO MAKE SUCH A LARGE TRANSFER. THE CLIENT STATES LIKENS ALSO TRANSFERRED $10,000 FROM FEDERATED AMERN LEADERS FUND INTO FEDERATED LARGE CAP GROWTH FUND ON 2/9/00. THE CLIENT'S LETTER IMPLIES SHE WAS UNAWARE OF THE AMOUNT OF THIS TRANSFER.

$5,000.00

LIKENS STATED HE MET WITH CLIENT TO REVIEW HER ACCOUNT AT WHICH TIME SHE EXPRESSED A DESIRE TO REPOSITION ASSETS TO POTENTIALLY OBTAIN MORE GROWTH WITH SOME OF THOSE ASSETS PLACED IN A MORE AGGRESSIVE INVESTMENT. LIKENS STATED HE PROVIDED OPTIONS TO CLIENT AND THE CHANGES WERE MADE ON 2/9/00. CONTRARY TO CLIENT'S LETTER, PROCEEDS FROM THE CLIENT'S WASHINGTON MUTUAL FUND WERE NOT USED TO FUND THE VANKAMPEN TECHNOLOGY FUND PURCHASE; OUR RECORDS REFLECT THE CLIENT SOLD HER OPPENHEIMER FUND, WHICH HAD BEEN TRANSFERRED TO HER ACCOUNT, AND USED $16,000 TO PURCHASE THE VANKAMPEN TECHNOLOGY FUND. CLIENT EXECUTED AN ACKNOWLEDGMENT LETTER ON THIS TRANSACTION. IT APPEARS, THEREFORE THE CLIENT WAS AWARE OF THE SOURCE AND AMOUNT OF FUNDS USED TO PURCHASE THE VANKAMPEN FUND. LIKENS SAID CLIENT WAS MADE AWARE SHE COULD EXCHANGE TO ANOTHER OPPENHEIMER FUND, HOWEVER, SHE ELECTED TO PURCHASE THE VANKAMPEN FUND. THE WASHINGTON MUTUAL FUND WAS EXCHANGED FOR ANOTHER AMERICAN FUND (NEW ECONOMY FUND), AND THE FEDERATED AMERICAN LEADERS WAS EXCHANGED FOR ANOTHER FEDERATED FUND (FEDERATED LARGE CAP GROWTH). LIKENS WOULD NOT RECEIVE A COMMISSION ON THE FUND EXCHANGES. CLIENT WOULD HAVE RECEIVED TRADE CONFIRMATIONS AND PROSPECTUSES AT THE TIME OF THE TRANSACTIONS AND ADDITIONALLY WOULD HAVE RECEIVED CUSTOMER STATEMENTS REFLECTING THE ACTIVITY IN THE ACCOUNT AS WELL AS THE MUTUAL FUNDS WHICH CONTINUED TO BE HELD IN THE ACCOUNT FROM FEBRUARY, 2000. CLAIM DENIED