{"id":6112,"date":"2017-02-15T14:30:02","date_gmt":"2017-02-15T20:30:02","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1432"},"modified":"2017-02-15T14:30:02","modified_gmt":"2017-02-15T20:30:02","slug":"securities-cases-lpl-fined-900k-record-keeping-issues-ny-based-broker-deal-pay-100k-trading-surveillance-compliance-failures-private-equity-adviser-barred-improper-fund","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-lpl-fined-900k-record-keeping-issues-ny-based-broker-deal-pay-100k-trading-surveillance-compliance-failures-private-equity-adviser-barred-improper-fund\/","title":{"rendered":"Securities Cases: LPL Financial Fined $900K for Record-Keeping Issues, NY-Based Broker Deal to Pay $100K for Trading Surveillance and Compliance Failures, and Private Equity Adviser is Barred Over Improper Fund Withdrawals"},"content":{"rendered":"<br \/>\n<h2><strong>FINRA Fines LPL Financial $900K<\/strong><\/h2>\n<p>The Financial Industry Regulatory Authority has fined LPL Financial (LPLA) for either not sending or failing to create records showing that it had sent over 1.6 million mandatory account notices to customers over a 36-month period. Under industry rules, account notices have to be sent to customers at three-year intervals which is when a determination of suitability is evaluated. FINRA said that LPL did not send more than 25% of such written notices over a period of seven years.<\/p>\n<p>The financial firm accepted the self-regulatory organization\u2019s settlement but is not denying or admitting to the findings. However, an LPL Financial spokesperson said in an email that the firm had self-reported the matter and was committed to \u201cenhancing\u201d structures for compliance and risk management.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-lpl-fined-900k-record-keeping-issues-ny-based-broker-deal-pay-100k-trading-surveillance-compliance-failures-private-equity-adviser-barred-improper-fund\/\"  title=\"Continue Reading Securities Cases: LPL Financial Fined $900K for Record-Keeping Issues, NY-Based Broker Deal to Pay $100K for Trading Surveillance and Compliance Failures, and Private Equity Adviser is Barred Over Improper Fund Withdrawals\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>FINRA Fines LPL Financial $900K The Financial Industry Regulatory Authority has fined LPL Financial (LPLA) for either not sending or failing to create records showing that it had sent over 1.6 million mandatory account notices to customers over a 36-month period. Under industry rules, account notices have to be sent to customers at three-year intervals [&hellip;]<\/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":[3752,3739,3776,3877,3795,3761,3741],"tags":[2741],"class_list":["post-6112","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-finra","category-finra-settlements","category-lpl-financial","category-sec-settlements","category-securities-and-exchange-commis","category-securities-fraud","tag-sidoti-company"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LPL Financial Fined $900K for Record-Keeping Issues &#8212; Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"FINRA has fined LPL Financial (LPLA) for failure to create records showing that it had sent over 1.6 million mandatory account notices to customers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-lpl-fined-900k-record-keeping-issues-ny-based-broker-deal-pay-100k-trading-surveillance-compliance-failures-private-equity-adviser-barred-improper-fund\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"LPL Financial Fined $900K for Record-Keeping Issues &#8212; 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