- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-27T20:30:00
Independent broker-dealer LPL Financial agreed to pay more than $6 million as part of a settlement with the Financial Industry Regulatory Authority (FINRA) addressing alleged supervision failures regarding direct business transactions and the suitability of switch transactions.
LPL was fined $5.5 million and will pay more than $650,000 in restitution to direct business customers, according to FINRA’s disciplinary action published Wednesday. The self-regulatory organization alleged various violations at LPL between January 2012 and November 2022.
From January 2012 to August 2019, LPL allegedly failed to reasonably supervise direct business transactions, including by:
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The Financial Industry Regulatory Authority fined Goldman Sachs $512,500 for allegedly failing to properly surveil certain types of securities for potential manipulative trading activity for more than a decade.
Wells Fargo Securities agreed to pay a $425,000 penalty as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of disclosure lapses affecting millions of trade confirmations and related supervisory failures.
A new report from the Financial Industry Regulatory Authority provides observations from examiners on emerging issues affecting the industry, including surveilling potential use of off-channel communications by employees, crypto-asset developments, cybersecurity trends, and more.
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USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
