A Roswell mayoral candidate wasn’t aware that he is blocked from providing financial services because he had left the field by the time his license was suspended for not paying back a loan, his lawyer said.
Kurt Hilbert represents Lee Jenkins, one of four people running for mayor of Roswell. The other candidates are Lori Henry, Donald Horton and Michael Litten.
Jenkins, who works as a pastor, had his license suspended in 2012 by the Financial Industry Regulatory Authority after he failed to comply with an arbitration award that said he owed more than $43,000 to Wells Fargo for breach of a 2002 promissory note. The loan, Hilbert said, was for office furniture.
“The matter involved did not concern financial services, financial advice, or any member of the public,” Hilbert said in a statement. “It was a private contract dispute on a loan concerning office furniture and is a non-issue.”
Hilbert said Jenkins didn’t know the arbitration took place, but has not been offering financial advice for several years. He did not appear at the arbitration hearing.
Jenkins hasn’t been registered to practice since 2012, but Hilbert said he stopped practicing in 2010. He said Jenkins is in touch with Wells Fargo to pay back the loan.
Michelle Ong, a spokesperson for FINRA, said the organization suspends people indefinitely if they don’t comply with arbitration awards.
“It’s almost like an expulsion barring you from the industry until you pay it back,” she said.