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Company: LPL Financial LLC
Current Parent Company:
LPL Financial
Parent at the Time of the Penalty Announcement:
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Penalty: $6,300,000
Year: 2015
Date: July 6, 2015
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: The Financial Industry Regulatory Authority ordered Wells Fargo Advisors, LLC, Wells Fargo Advisors Financial Network, LLC, Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and LPL Financial LLC to pay more than $30 million in restitution, including interest, to affected customers for failing to waive mutual fund sales charges for certain charitable and retirement accounts. Wells Fargo, Raymond James and LPL were required to pay affected customers an estimated $15 million, $8.7 million and $6.3 million, respectively. In addition to this amount, LPL was required to pay restitution to eligible customers who purchase or purchased mutual funds without an appropriate sales charge waiver from January 1, 2015, through the date that the firm fully implemented training, systems and procedures related to the supervision of mutual fund sales waivers.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: investment advisory services
Source of Data:
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Notes: FINRA is a securities industry self-regulatory body authorized by the federal government.
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
Update Log.