Indiana Secretary of State Connie Lawson today announced she has agreed to a settlement with LPL Financial which includes a civil penalty of $450,000. The settlement stems from an investigation by the Securities Division of the Secretary of State’s office regarding various deficiencies related to LPL’s supervision of its Indiana operations. The settlement specifically focuses […]
An AWC was issued in which the firm was censured and fined $375,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to implement a supervisory system reasonably designed to ensure that its registered representatives were trained on all material risks and features […]
Aidikoff, Uhl & Bakhtiari announces the filing of a FINRA arbitration and its continuing investigation of the sales practices of Karl Romero (Nasdaq:LPLA) for his management of client accounts and the overconcentration of energy and/or real estate related stocks including: Gastar Exploration Arbor Realty Resource Capital Corp. We are currently investigating whether all material risks of […]
LPL Ordered to Pay Approximately $1.7 Million in Restitution to Customers The Financial Industry Regulatory Authority (FINRA) announced today that it has censured LPL Financial LLC and fined it $10 million for broad supervisory failures in a number of key areas, including the sales of non-traditional exchange-traded funds (ETFs), certain variable annuity contracts, non-traded real […]
Ajamie LLP and Aidikoff, Uhl & Bakhtiari continue to investigate and discuss with investors potential claims for recovery. LPL Financial Holdings, Inc. branch manager James “Jeb” Bashaw was fired on September 24, 2014 for among other things allegedly engaging in private securities transactions, borrowing money from a client and engaging in activities that created conflicts […]