According to FINRA, Logan Jeffrey LaPace was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months for failing to disclose on his Form U4 that he had been charged with two felonies and that he pled guilty to one of the charges.

Prior to becoming associated with his member firm, LaPace was charged with a felony in Hillsborough County, Florida, for possession of a controlled substance to which he pled not guilty. The felony charge was later reduced to a misdemeanor and subsequently dismissed. Shortly thereafter, LaPace was charged with another felony in Fulton County, Indiana, for possession of a controlled substance. LaPace pled guilty to the felony charge, with the understanding that he could move for the court to modify the judgment to a misdemeanor on successful completion of probation. His sentence and judgment was ultimately modified to a misdemeanor.

While associated with his firm, LaPace completed and signed an initial Form U4 in which he did not disclose the two felony charges or that he pled guilty to, and was convicted of, one of the felonies. Five months later, the firm filed an amended Form U4 that disclosed the felony charges and provided details concerning the charges, their reduction, and disposition.

Even though the felony charges were later reduced or dismissed, representatives are required to disclose them when they occur. This ensures transparency and allows firms and investors to make informed decisions.