{"id":1498,"date":"2014-08-13T19:13:01","date_gmt":"2014-08-13T19:13:01","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/08\/lpl_to_pay_illinois_2_million"},"modified":"2022-03-10T16:34:45","modified_gmt":"2022-03-10T22:34:45","slug":"lpl-to-pay-illinois-2-million","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/lpl-to-pay-illinois-2-million\/","title":{"rendered":"LPL Financial to Pay Illinois $2 Million Fine Related to Variable Annuity Exchanges"},"content":{"rendered":"

\t\t\t\tIn a settlement reached with the Illinois Securities Department, LPL Financial (LPLA) agreed to pay a $2 million fine and $820K in restitution for inadequate books and records maintenance involving 1035 exchanges. According to the firm’s BrokerCheck file, LPL Financial did not enforce “supervisory system and procedures” when certain persons documented variable annuity exchange activities. <\/p>\n

Following the settlement, a company spokesperson said that LPL Financial is enhancing its procedures related to surrender charges resulting from variable annuity exchange transactions. This is to make sure these are accurately documented in records, books, and any disclosures that are issued to clients. The brokerage firm is also taking steps so that advisers are properly documenting why variable annuity recommendations were made.<\/p>\n

State regulators have been taking a closer look at LPL as they investigate investment product sales. Last year, the broker-dealer settled with the Massachusetts for at least $2 million and a $500,000 fine over nontraded real estate investment trusts. Financial Industry Regulatory Authority fined the firm $7.5 million for 35 e-mail system failures.<\/p>\n

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

In a settlement reached with the Illinois Securities Department, LPL Financial (LPLA) agreed to pay a $2 million fine and $820K in restitution for inadequate books and records maintenance involving 1035 exchanges. According to the firm’s BrokerCheck file, LPL Financial did not enforce “supervisory system and procedures” when certain persons documented variable annuity exchange activities. […]<\/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":[3752,3877,3884],"tags":[],"class_list":["post-1498","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-lpl-financial","category-variable-annuities"],"yoast_head":"\nLPL Financial to Pay Illinois $2 Million Fine Related to Variable Annuity Exchanges — Investor Lawyers Blog — August 13, 2014<\/title>\n<meta name=\"description\" content=\"In a settlement reached with the Illinois Securities Department, LPL Financial (LPLA) agreed to pay a $2 million fine and $820K in restitution for — August 13, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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