LPL Financial Settles with FINRA for $6.5 Million Regarding Supervisor and Record Retention Failures
We are currently investigating allegations made against LPL Financial, a Fort Mill, South Carolina-based securities brokerage firm. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against the brokerage firm (who also has major offices in Boston and San Diego), making allegations for its failure to supervise the use of consolidated reports. The firm was also alleged to have failed to properly retain certain records, and that it failed to adequately fingerprint and screen associated persons.
To settle these allegations, LPL Financial agreed to pay a $6.5 million fine.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Ann Arbor, Michigan; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past, including against LPL Financial.