{"id":1270,"date":"2013-06-19T12:52:48","date_gmt":"2013-06-19T12:52:48","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/06\/lpl_securities_names_exsec_off"},"modified":"2022-03-10T16:36:55","modified_gmt":"2022-03-10T22:36:55","slug":"lpl-securities-names-exsec-off","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/lpl-securities-names-exsec-off\/","title":{"rendered":"LPL Securities Names Ex-SEC Official As Its New General Counsel"},"content":{"rendered":"

\t\t\t\tLPL Securities has hired the Securities and Exchange Commission Division of Enforcement’s ex-acting deputy director David Bergers as LPL Financial Holdings Inc.’s (LPLA) general counsel and managing director for government and legal relations. Following news of the appointment, LPL CEO and Chairman Mark Casady was quick to point out that the firm didn’t choose Bergers because it recently has been in trouble with regulators. That said, Casady did acknowledge that Bergers’ 13 years of SEC experience was one reason he became the top contender for the post. Because of SEC rules, Bergers is not allowed to appear before the Commission as an LPL representative until June 2014.<\/p>\n

A source close to our securities fraud law firm<\/a> says that there are at least seven complaints against Bergers at the moment, with the majority of them involving large seven-figure. Before working at the SEC, Bergers served as assistant general counsel and vice president for Tucker Anthony Inc., a regional brokerage firm. <\/p>\n

In regards to LPL’s recent trouble’s with regulators, there was the $7.5 million that the Financial Industry Regulatory Authority ordered the financial firm to pay over nearly three dozen key e-mail system failures (including retention issues) that occurred between 2007 and 2013 involving 28 million business emails and thousands of independent contractor representatives. The SRO accused LPL of inadequate supervision, failure to capture emails and respond to regulator requests, and making misstatements during the SRO’s investigation. In addition to the fine, LPL has to establish a $1.5 million fund for customer compensation.<\/p>\n

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

LPL Securities has hired the Securities and Exchange Commission Division of Enforcement’s ex-acting deputy director David Bergers as LPL Financial Holdings Inc.’s (LPLA) general counsel and managing director for government and legal relations. Following news of the appointment, LPL CEO and Chairman Mark Casady was quick to point out that the firm didn’t choose Bergers […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3877],"tags":[],"class_list":["post-1270","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-lpl-financial"],"yoast_head":"\nLPL Securities Names Ex-SEC Official As Its New General Counsel — Investor Lawyers Blog — June 19, 2013<\/title>\n<meta name=\"description\" content=\"LPL Securities has hired the Securities and Exchange Commission Division of Enforcement's ex-acting deputy director David Bergers as LPL Financial — June 19, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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