- 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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