Former Lincoln Investment registered rep. Patrick J. Knox agreed to pay a fine of $2,500 and to serve a 10-business-day suspension from association with any FINRA member firm in all capacities. According to FINRA Enforcement, Knox took non-pubic personal customer information when he left Lincoln and joined a new firm in June 2018, without the knowledge or consent of Lincoln or the Customers.

According to a Letter of Acceptance, Waiver and Consent ("AWC") signed by Knox on August 28, 2020, Knox printed a list of his Lincoln Customers' non-public personal information prior to leaving Lincoln, and provided that list to his new firm. FINRA Enforcement alleged that the list included customer social security numbers and birth dates. Neither Lincoln nor the customers knew or consented to the non-public information being used in this manner.

Based on his conduct, Knox caused Lincoln to violate Regulation S-P, which generally prohibits financial institutions from disclosing "nonpublic personal information" about a customer unless that customer receives proper notice and an opportunity to opt out.

By signing the AWC, Knox accepted and consented to the entry of FINRA's findings, without admitting or denying those findings.

Overall, FINRA suspensions were down 12% in fiscal 2019, according to AdvisorHub. In total, FINRA suspended 415 individuals in 2019. FINRA Suspensions have decreased dramatically from the three year period of 2015 – 2017, which saw more than 725 suspensions annually. Total restitution in 2019 rose to $27.9 million, up $2.4 million from 2018's total.