Finra has barred a former Raymond James broker the firm discharged earlier this year in connection to an outside business activity, the industry’s self-regulator says.

Lance Roman Armstrong joined the financial services industry in 2002 and came to Raymond James in 2007, according to his BrokerCheck profile.

The firm filed a Form U5 in February this year, saying that it discharged Armstrong “after he solicited and accepted multiple loans from customers in connection with an undisclosed outside business activity,” according to a letter of acceptance, waiver and consent published by Finra.

Armstrong then told Finra through his lawyer that he would not appear for testimony in connection to the regulator’s investigation of the discharge, for which Finra barred him from the industry, the regulator says.

Armstrong consented to the bar without admitting or denying Finra’s findings, according to the letter of acceptance.

(Getty)

Aside from the discharge and the bar, Armstrong has no other disclosures on his BrokerCheck record. After his discharge from Raymond James, he never registered with another firm, according to BrokerCheck.