LPL Fined Again, Ordered to Pay Restitution

May 6, 2015

LPL Financial continues to be plagued by regulatory issues as FINRA announced today that it was fining the firm $10 million for broad supervisory failures. LPL was also ordered to pay approximately $1.7 million in restitution to a number of clients who purchased non-traditional ETFs.

Over the past several years, LPL Financial has paid at least $20 million in restitution, fines and reimbursements for various regulatory violations, and in the third quarter of 2014, the firm cut expected earnings by 25% due to an additional $18 million in unanticipated regulatory charges.