Tagged with "LPL"

Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

Posted on October 27th, 2021 at 12:14 PM
Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

The Financial Industry Regulatory Authority (FINRA) has suspended and fined a former LPL advisor who allegedly completed 22 trades on behalf of a client without obtaining written consent. FINRA has issued a $5,000 fine and has suspended Michael Hartlett for 10 days.

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FINRA Bars Former LPL Advisor Who Allegedly Misappropriated Elderly Client’s Funds

Posted on October 15th, 2021 at 11:09 AM
FINRA Bars Former LPL Advisor Who Allegedly Misappropriated Elderly Client’s Funds

The Financial Industry Regulatory Authority (FINRA) has barred a former LPL advisor who allegedly misappropriated a senior client’s funds and subsequently failed to cooperate in FINRA’s investigation.

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Former LPL Advisor Faces Prison Sentence for Stealing Client Retirement Funds

Posted on June 21st, 2021 at 12:28 PM
Former LPL Advisor Faces Prison Sentence for Stealing Client Retirement Funds

Ex-LPL advisor Paul McGonigle has been charged with defrauding his elderly clients and stealing their retirement funds.

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Former LPL Advisor Suspended For Helping Customers Evade Fees

Posted on April 16th, 2021 at 9:20 AM
Former LPL Advisor Suspended For Helping Customers Evade Fees

According to a recent FINRA AWC (Acceptance, Waiver and Consent), Raymond Velasco helped four customers avoid $10,000 in fees for surrendering variable annuities by misrepresenting their employment status on retirement plan documents.

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LPL Fined $6.5 Million by FINRA

Posted on January 5th, 2021 at 4:11 PM
LPL Fined $6.5 Million by FINRA

LPL Financial has agreed to pay a $6.5 million fine to settle charges brought by the Financial Industry Regulatory Authority (“FINRA”). 

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Former LPL Financial Advisor Sentenced for Running Ponzi Scheme

Posted on November 27th, 2020 at 3:05 PM
Former LPL Financial Advisor Sentenced for Running Ponzi Scheme

James Thomas Booth, a former advisor, has been sentenced to 42 months in prison for running a Ponzi scheme, ThinkAdvisor reported.

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FINRA Suspends Former LPL Financial Advisor for Outside Business Activity

Posted on October 8th, 2020 at 2:46 PM
FINRA Suspends Former LPL Financial Advisor for Outside Business Activity

Former LPL Financial advisor Tracy M. Meade agreed to pay a $5,000 fine and serve a 2-month suspension from association with any FINRA member firm in all capacities.

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LPL Agrees to Pay Victims of Alleged Scam by Former Advisor

Posted on August 12th, 2020 at 1:29 PM
LPL Agrees to Pay Victims of Alleged Scam by Former Advisor

In a previous blog post, we discussed an alleged scam perpetuated by formed LPL Financial advisor, Dain F. Stokes. In the scheme, Stokes allegedly solicited money for an African charity project with ties to Taylor Swift. Now, LPL has agreed to compensate victims of Stokes’ alleged scam.

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LPL Financial Purchases Independent Broker-Dealer National Planning Holdings

Posted on October 5th, 2017 at 11:30 AM
LPL Financial Purchases Independent Broker-Dealer National Planning Holdings

LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc., has acquired the independent broker-dealer network of National Planning Holdings, Inc. ("NPH") for an initial purchase price of $325 million. 

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LPL Implements New Policy to Put Pressure on Affiliates to Recruit Advisers to its Corporate Registered Investment Adviser

Posted on September 27th, 2017 at 10:12 AM
LPL Implements New Policy to Put Pressure on Affiliates to Recruit Advisers to its Corporate Registered Investment Adviser

LPL Financial has announced in a memo that it is instituting a new policy which will affect advisers who want to use outside RIAs instead of LPL’s corporate RIA.

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