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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: $975,000
Year: 2017
Date: January 30, 2017
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: LPL agreed to pay a $975,000 administrative penalty in settlement of allegations it failed to supervise a broker-dealer who made unsuitable investments.
Level of Government: state
Action Type: agency action
Agency: Massachusetts Securities Division
Civil or Criminal Case: civil
Facility State: Massachusetts
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: News release estimates $3.7 million total fines, restitution and disgorgement of profits
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
Update Log.