{"id":1676,"date":"2015-07-14T19:05:45","date_gmt":"2015-07-14T19:05:45","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/07\/lpl_financial_fined_250k_by_ma"},"modified":"2022-03-22T14:25:40","modified_gmt":"2022-03-22T19:25:40","slug":"lpl-financial-fined-250k-by-ma","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/lpl-financial-fined-250k-by-ma\/","title":{"rendered":"LPL Financial Fined $250K by Massachusetts Over Misrepresentations Made to Senior Investors"},"content":{"rendered":"

\t\t\t\tMassachusetts Secretary of the Commonwealth William Galvin has fined LPL Financial (LPLA) $250K to resolve charges that its representatives misrepresented their qualifications when working with older investors. The state’s regulator claims that the brokerage firm approved having brokers use senior-specific titles on their business cards. The titles were not in compliance with the state’s regulations regarding senior designations.<\/p>\n

After Galvin’s office discovered one such incident, LPL conducted an internal probe and discovered that at least 10 brokers may have been using titles that were not in compliance with the state’s Senior Designations Regulations. The regulator said that the firm had even approved the title on one broker’s business card more than once.<\/p>\n

Galvin contends that since June 2007, LPL failed to establish or enforce a procedure allowing it to look at senior-specific titles to make sure they complied. He noted the importance of not using titles that imply one has an expertise in advising senior investors when there is none. The Senior Designations Regulations prohibit the use of titles that imply a training or certification that the titleholder doesn’t actually possess.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Massachusetts Secretary of the Commonwealth William Galvin has fined LPL Financial (LPLA) $250K to resolve charges that its representatives misrepresented their qualifications when working with older investors. The state’s regulator claims that the brokerage firm approved having brokers use senior-specific titles on their business cards. The titles were not in compliance with the state’s regulations […]<\/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":[3877,3803],"tags":[],"class_list":["post-1676","post","type-post","status-publish","format-standard","hentry","category-lpl-financial","category-senior-investors"],"yoast_head":"\nLPL Financial Fined $250K by Massachusetts Over Misrepresentations Made to Senior Investors — Investor Lawyers Blog — July 14, 2015<\/title>\n<meta name=\"description\" content=\"Massachusetts Secretary of the Commonwealth William Galvin has fined LPL Financial (LPLA) $250K to resolve charges that its representatives misrepresented — July 14, 2015\" \/>\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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