Violation Tracker Individual Record

Company: 
Investment Centers of America, Inc.
Current Parent Company: 
LPL Financial
Penalty: 
$1,031,618
Year: 
2007
Date: 
November 9, 2007
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

ICA agreed to pay $788,118 in restitution ($721,786 already paid but included in terms of Consent Order), $200,000 to the Investor Education and Protection Fund, $25,000 in civil penalties and $18,500 in costs in settlement of allegations it failed to reasonably supervise a representative alleged to have stolen customer funds.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Missouri Secretary of State-Securities
Civil or Criminal Case: 
civil
Facility State: 
Missouri
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
investment advisory services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.