News | Page 5 | Cold Spring Advisory Group


LPL Facing $3.6 Million Judgement

April 7, 2015

LPL Financial (LPL) is being accused by the New Hampshire Bureau of Securities Regulation of failing to supervise brokers involved in selling real estate investment trusts (REITs) to elderly New Hampshire clients. New Hampshire regulators filed an action on Monday, April 6, 2015 seeking a $3.6 million judgement against LPL -- $2.4 million in restitution, a $1 million fine and $200,000 in investigative costs -- and revocation of LPL's license to sell securities in the state.

Jon Cox of LPL Barred From Industry

April 6, 2015

The Financial Industry Regulatory Authority (FINRA) issued a default decision on April 1, 2015 to bar Jon Cox from the securities industry after he failed to respond to multiple requests for information. Mr. Cox was with LPL Financial from May 2001 until he was terminated by the firm in January, 2014 for violating the firm's policy regarding outside business activities.

FINRA Fines Three Firms for Inadequate Supervision

March 30, 2015

The Financial Industry Regulatory Authority (FINRA) announced today that it had fined three brokerage firms for failure to adequately supervise the preparation and dissemination of consolidated reports. The three firms, J.P Turner, LaSalle St. Securities, LLC and H. Beck, Inc. were fined after FINRA found that various registered representatives at the firms prepared and distributed the reports to their clients without "adequate review or any prior review by a principal."

Another Former LPL Broker Barred

March, 25, 2015

Another stock broker formerly associated with LPL Financial, LLC has been permanently barred from working in the securities industry in any capacity. Raymond Schmidt was a broker at LPL Financial from July, 2006 until September, 2014 when he was named in a Financial Regulatory Industry Authority (FINRA) complaint alleging breach of fiduciary duty, breach of contract, elder abuse, sale of unregulated securities and professional negligence and other regulatory violations in connection to a real estate investment in Hawaii.