The Financial Industry Regulatory Authority (FINRA) has fined LPL Financial (LPL) $3 million and ordered the firm to pay $100,000 plus interest in restitution because the firm allegedly “failed to reasonably supervise transfers of customer funds to third parties,” according to the self-regulatory organization (SRO) for U.S. broker-dealers. LPL, a FINRA member since 1973, has… Read More >>
FINRA Alleges LPL Failed to Submit 400+ SARs
Boston-based LPL Financial has been fined $2.75 million by the Financial Industry Regulatory Authority (FINRA) on charges that, among other problems, its anti-money laundering (AML) efforts failed to assess approximately 400 incidents that should have been investigated as Suspicious Activity Reports (SARs). In addition, FINRA alleges that LPL “failed to file or amend registered representatives’… Read More >>
Regulators Strike $26M Settlement with LPL Financial
The North American Securities Administrators Association (NASAA) reports reaching a settlement with LPL Financial LLC and state securities regulators that would require the broker-dealer to “repurchase from investors certain securities sold since October 2006 and to pay civil penalties that could total more than $26 million.” According to a NASAA statement, the recent settlement is… Read More >>
LPL Financial to Pay $3.4M to Settle REITS, ETF Probes
Broker-dealer LPL Financial will be paying $3.4 million in settlements and penalties after allegations that the firm failed to properly handle the sales and oversight of complex, leveraged exchange traded funds (ETFs) and non-traded, real estate investment Trusts (REITs). In a settlement with Massachusetts and Delaware, the firm will be paying approximately $2 million to… Read More >>
People Moves at Deutsche Bank, SimCorp and LPL Financial
Deutsche Bank Fills Post for ICG Debt Americas but Pulls Out of Russia Deutsche Bank has hired industry veteran John Gallo who joins from Citigroup as managing director and head of ICG Debt Americas, officials report. Gallo will be based in New York and report to John Pipilis, global head of ICG Debt. Gallo, who… Read More >>
LPL Financial Names First CTO
LPL Financial, a custodian for registered investment advisors that characterizes itself as the largest independent broker-dealer by revenues in the U.S., reports that David Wright has been named executive vice president, chief technology officer (CTO). In his newly created CTO role, Wright will report to Victor Fetter, managing director, chief information officer, LPL Financial officials… Read More >>
Citi Sets Up a Co-Presidency as HKEx Revamps Top Management
Citi’s CEO to Work with Co-Presidents Citigroup’s CEO Michael Corbat says he has appointed Jamie Forese and Manuel Medina-Mora as co-presidents of the bank to provide continuity as Citi aims for operational excellence and bottom-line results for its clients and stakeholders. The executive appointments follow Vikram Pandit’s exit this past October from his post as… Read More >>
