LPL Fined Again, Ordered to Pay Restitution | Cold Spring Advisory Group

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.