LPL Dinged Up to $26 Million Over Sales of Unregistered Securities
May 2, 2018 By Diana Britton, WealthManagement.com An investigation by state securities regulators found the independent broker/dealer failed to prevent the sale of certain equity and fixed income securities that may not have been properly registered in their domains. LPL Financial has settled with the North American Securities Administrators Association (NASAA) over claims it lacked proper policies and procedures to prevent the sale of unregistered, non-exempt equity and fixed-income securities over the last 12 years. Alabama and Massachusetts state securities regulators led the investigation, which LPL's cooperation, and the settlement could be more than $26 million if all jurisdictions participate. LPL has agreed to pay $499,000 to 52 U.S. states and territories, including the District of Columbia, Puerto Rico and the U.S. Virgin Islands. California has not yet agreed to participate in the settlement. The...