LPL Financial controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2024
Electronic-recordkeeping settlement
LPL agreed to a $50 million SEC settlement concerning failures in electronic recordkeeping.
2020
Supervision and recordkeeping settlement
FINRA imposed a $6.5 million settlement after finding failures in supervision and recordkeeping. The matter involved customer losses associated with a Ponzi scheme created by one of the firm's representatives.
2019
Massachusetts licensing and reporting settlement
LPL settled with Massachusetts regulators for $1.1 million over compliance matters involving advisor and supervisor licensing and late reporting, with a review of internal controls.
2019
FINRA settlement over UGMA and UTMA controls
LPL paid a $300,000 FINRA fine concerning systems and procedures for custodial accounts under the UGMA and UTMA frameworks. The cited material states that the matter was not related to investor harm.
2018
Unregistered-securities settlement
LPL agreed to a $26 million settlement arising from unregistered-securities matters.
2018
AML and customer-complaint reporting controls
LPL agreed to pay a $2.75 million fine and conduct a look-back review concerning certain anti-money-laundering and customer-complaint reporting matters.