{"id":4321,"date":"2017-05-06T20:10:07","date_gmt":"2017-05-07T01:10:07","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4321"},"modified":"2022-03-25T13:59:56","modified_gmt":"2022-03-25T18:59:56","slug":"massachusetts-fines-lpl-financial-1m-advisers-alleged-misrepresentations-failure-disclose-commissions","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-fines-lpl-financial-1m-advisers-alleged-misrepresentations-failure-disclose-commissions\/","title":{"rendered":"Massachusetts Fines LPL Financial $1M For Advisers’ Alleged Misrepresentations, Failure to Disclose Commissions"},"content":{"rendered":"

\t\t\t\tThe office of Massachusetts Secretary of the Commonwealth William Galvin has fined LPL Financial (LPLA) $1M because the firm\u2019s financial advisers allegedly made misrepresentations to consumers. According to the state regulator, the brokerage firm, which is based in Boston, failed to properly supervise its advisers located at Digital Federal Credit Union (DCU) branches.<\/p>\n

LPL financial advisers are allowed to work out of the DCU in return for part of the concessions. However, noted Galvin\u2019s office, the problem was that LPL\u2019s advisers conducted their business as DCU Financial, a reference that could have cause customers to think that they worked for the credit union.<\/p>\n

The Massachusetts regulator said that an undercover sting operation was put into place, during which time one LPL adviser allegedly claimed to work for DCU and said that he was not paid commissions for offering investment advice, which was a false statement. Also, DCU paid these advisers bonuses in a sales contest that LPL never authorized.<\/p>\n

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

The office of Massachusetts Secretary of the Commonwealth William Galvin has fined LPL Financial (LPLA) $1M because the firm\u2019s financial advisers allegedly made misrepresentations to consumers. According to the state regulator, the brokerage firm, which is based in Boston, failed to properly supervise its advisers located at Digital Federal Credit Union (DCU) branches. LPL financial […]<\/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":[3752,3877,3803,3884],"tags":[],"class_list":["post-4321","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-lpl-financial","category-senior-investors","category-variable-annuities"],"yoast_head":"\nMassachusetts Fines LPL Financial $1M For Advisers' Alleged Misrepresentations, Failure to Disclose Commissions — Investor Lawyers Blog — May 6, 2017<\/title>\n<meta name=\"description\" content=\"The office of Massachusetts Secretary of the Commonwealth William Galvin has fined LPL Financial (LPLA) $1M because the firm\u2019s financial advisers — May 6, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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