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
-
News BriefCVS hit with nearly $1 billion fine in Omnicare false claims verdict
CVS has vowed to appeal $948.8 million in fines and damages imposed by a judge Tuesday on its Omnicare unit, for billing Medicare for tens of thousands of false claims.
-
PremiumIn 17 years, Discover Financial never managed to clean up a billion dollar mess
Federal banking regulators have laid the blame for Discover Financial Services charging merchants $1 billion in excessive credit card fees over 17 years squarely at the feet of company executives.
-
News BriefCFPB drops $95M enforcement action against Navy Federal, without explanation
The Consumer Financial Protection Bureau has dropped a $95 million enforcement action against Navy Federal Credit Union, the latest regulatory pullback by the agency under President Donald Trump.