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1. www.stocklaw.com › securities-fraud-blog › 2021LPL Financial Fined $6.5 Million for Supervisory Deficiencies ...

   www.stocklaw.com › securities-fraud-blog › 2021

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   FINRA fined LPL Financial $6.5 million for failures in its supervisory system related to record retention and finger-printing that purportedly enabled a former LPL broker to create false documents and steal over $1 million of LPL customers' money in the furtherance of a Ponzi scheme.

2. www.thinkadvisor.com › 2023/12/28 › lpl-fined-5-5mLPL Fined $5.5M for Transaction Supervision Issues

   www.thinkadvisor.com › 2023/12/28 › lpl-fined-5-5m

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   Dec 28, 2023 · Between January 2012 and August 2019, LPL failed to reasonably supervise transactions that the firm’s registered representatives placed directly with product sponsors on behalf of clients — i.e.,...

   • Author: John Manganaro

3. People also ask

   How much did LPL Financial pay a transaction supervision fine?

   • LPL Financial agreed Wednesday to resolve allegations regarding transaction supervision issues that affected 125 clients between January 2012 and August 2019, including a payment of $5.5 million for a fine and $650,000 in restitution plus interest, according to an Financial Industry Regulatory Authority acceptance letter.

   LPL Fined $5.5M for Transaction Supervision Issues

   www.thinkadvisor.com/2023/12/28/lpl-fined-5-5m-for-transaction-supervision-issues/

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   Did LPL violate FINRA rules?

   • Between January 2012 and August 2019, LPL failed to reasonably supervise transactions that the firm’s registered representatives placed directly with product sponsors on behalf of clients — i.e., direct business transactions — in violation of FINRA Rules 3110 and 2010, the self-regulatory group says.

   LPL Fined $5.5M for Transaction Supervision Issues

   www.thinkadvisor.com/2023/12/28/lpl-fined-5-5m-for-transaction-supervision-issues/

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   Why did LPL fail?

   • Likewise, for about 2 million additional direct business transactions, LPL also allegedly failed to ensure that it collected information related to clients’ investment profiles (such as their ages, investment time horizons and liquidity needs) relevant for making certain suitability determinations.

   LPL Fined $5.5M for Transaction Supervision Issues

   www.thinkadvisor.com/2023/12/28/lpl-fined-5-5m-for-transaction-supervision-issues/

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   Is LPL Financial responsible for any loss incurred by applying information?

   • Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered. See LPL’s tips for recognizing the common indicators associated with investment scams and the steps to take to help protect your information and stay safe.

   Investment Scams | What to Look Out For & Tips to Stay Safe - LPL Fin…

   www.lpl.com/disclosures/privacy-security/lpl-cyber-security/investment-scams-what-to-look-out-for-tips-to-stay-safe.html

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4. www.thewealthadvisor.com › article › settlementSettlement Reached for LPL to Pay Finra Claim - $6 Million

   www.thewealthadvisor.com › article › settlement

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   Jan 1, 2024 · In response to these allegations, LPL Financial has agreed to a formal censure, a financial penalty of $5.5 million, and restitution amounting to $651,374.51 plus interest, which will be directed to the impacted clients.

5. www.spglobal.com › marketintelligence › enFINRA takes disciplinary actions against LPL Financial ...

   www.spglobal.com › marketintelligence › en

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   Feb 19, 2021 · A former company representative exploited reporting and supervisory deficiencies to perpetrate a Ponzi scheme through which he converted at least $1 million of the LPL Financial's customers' money, according to FINRA.

6. www.lpl.com › disclosures › privacy-securityWhat to Look Out For & Tips to Stay Safe - LPL Financial

   www.lpl.com › disclosures › privacy-security

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   • Common Indicators
   • Tips to Stay Safe
   • If You Believe You’Re The Victim of This Scam, Do The Following

   High-pressure tactics used in an attempt to persuade you to invest now.

   Unsolicited communication via email for an investment opportunity.

   A “hot tip” or “insider” information.

   An opportunity that sounds too good to be true.

   See full list on lpl.com

   Ask questions and don’t rush to a decision.

   Do thorough research on any new investment opportunities before investing.

   See full list on lpl.com

   Cease communication with any bad actor(s).

   If financial information was provided, contact the associated companies to request new accounts be opened.

   Contact local law enforcement.

   See full list on lpl.com

7. www.spglobal.com › marketintelligence › enFINRA publishes latest disciplinary action report; LPL ...

   www.spglobal.com › marketintelligence › en

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   Sep 18, 2023 · FINRA fined LPL Financial LLC $3 million and ordered the company to pay $100,000, plus interest, in restitution to customers. T he LPL Financial Holdings Inc. subsidiary allegedly failed to reasonably supervise the transmittal of customer funds, consequently allowing two firm-registered representatives to convert about $2.4 million of customer ...

8. sonnlaw.com › investigations › lpl-financial-fined-2LPL Financial Fined $2.75 Million for Failing to Report ...

   sonnlaw.com › investigations › lpl-financial-fined-2

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   LPL Financial was fined $2.75 million by the Financial Industry Regulatory Authority (FINRA) after LPL Financial failed to report and investigate more than 400 suspicious transactions that should have been detected, in addition to not properly reporting many of its customers’ complaints.