May
06
LPL Financial to Pay $11.7 Million to Settle Finra Case
ByA relatively little-known brokerage firm that has grown into one of the nation’s largest has been fined again for failing to supervise its brokers properly.
LPL Financial, which works with around 18,000 brokers across the country, is paying a $10 million fine — and $1.7 million in restitution to customers — for “widespread supervisory failures” that were uncovered by the Financial Industry Regulatory Authority, known as Finra. It is the largest such fine paid by any firm this year.
Two years earlier, LPL paid $7 million to Finra for similar problems related to how the company monitored emails between brokers and customers…
LPL Financial to Pay $11.7 Million to Settle Finra Case
