{"id":1254,"date":"2013-05-23T16:44:19","date_gmt":"2013-05-23T16:44:19","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/05\/finra_orders_lpl_financial_to"},"modified":"2022-03-10T16:34:56","modified_gmt":"2022-03-10T22:34:56","slug":"finra-orders-lpl-financial-to","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-orders-lpl-financial-to\/","title":{"rendered":"FINRA Orders LPL Financial to Pay $7.5M Over Allegedly Inadequate Supervision of E-Mails"},"content":{"rendered":"

\t\t\t\tIn what is being called the SRO’s largest fine to date over e-mail violations, the Financial Industry Regulatory Authority announced that it is fining LPL Financial LLC $7.5 million over 35 key e-mail system failures. The financial firm also has to set up a $1.5 million fund to compensate customers that may have been impacted. That is a total of $9 million.<\/p>\n

According to FINRA, the e-mail and retention issues took place between 2007 and 2013, with LPL’s systems failing a minimum of 35 times. The brokerage firm allegedly did not fulfill its duty to supervise representatives, capture email, and answer regulator requests. <\/p>\n

For more than four years, LPL purportedly did not supervise 28 million business emails that involved thousands of independent contractor representatives. The broker-dealer also is accused of making misstatements to the SRO during the latter’s investigation into the matter (email systems failures made it impossible for the firm to give over certain documents). <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

In what is being called the SRO’s largest fine to date over e-mail violations, the Financial Industry Regulatory Authority announced that it is fining LPL Financial LLC $7.5 million over 35 key e-mail system failures. The financial firm also has to set up a $1.5 million fund to compensate customers that may have been impacted. 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