LPL Financial fined $3M by FINRA over supervision lapses
By 
Kyle Brasseur2023-07-26T17:16:00
LPL Financial was fined $3 million as part of a settlement with the Financial Industry Regulatory Authority (FINRA) over alleged supervision failures related to transmittal of customer funds and forged signatures by employees.
LPL, believed to be the largest independent broker-dealer in the United States, also agreed to pay $100,000 in restitution and was censured as part of FINRA’s order published Tuesday.
LPL was faulted for multiple alleged supervisory system failures that resulted in violations of FINRA rules and the Securities Exchange Act.
Related articles
-
News BriefLPL Financial fined $5.5M by FINRA over transaction supervision lapses
Independent broker-dealer LPL Financial agreed to pay more than $6 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged supervision failures regarding direct business transactions and the suitability of switch transactions.
-
News BriefMohawk says no SEC enforcement regarding $60M securities litigation
Flooring manufacturer Mohawk Industries disclosed it does not expect to face enforcement from the Securities and Exchange Commission regarding allegations of violations of securities laws raised in a class-action lawsuit that the company agreed to pay $60 million to settle.
-
News BriefFINRA orders Santander unit to pay $100K over supervision failures
Santander U.S. Capital Markets agreed to pay $100,000 to settle allegations by the Financial Industry Regulatory Authority regarding supervision failures related to misuse of material nonpublic information.
More from Regulatory Enforcement
-
Basic Page‘Extraordinary cooperation’ pays off for PFS Investments
As regulators shift toward rewarding transparency, self-regulation and self-reporting, the way PFS Investments handled a longstanding problem serves as an example of how proactive remediation can turn a costly compliance error into a manageable regulatory outcome.
-
ArticleDOJ charges Texas businessmen in alleged bribery scheme over PEMEX oil contracts
The Department of Justice says two Mexican businessmen living in Texas allegedly bribed Mexican officials to secure $2.5 million in contracts with Petróleos Mexicanos, Mexico’s state-owned oil company, and a subsidiary.
-
ArticleMatch.com agrees to pay $14 million in FTC settlement over subscription practices
Match.com, the online dating site, will pay $14 million and make changes to its membership terms to settle allegations that it made cancellations difficult and made misrepresentations to members, the Federal Trade Commission said Tuesday.