{"id":982,"date":"2011-11-29T20:28:47","date_gmt":"2011-11-29T20:28:47","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/11\/lpl_financial_ordered_to_pay_1"},"modified":"2022-03-09T16:09:00","modified_gmt":"2022-03-09T22:09:00","slug":"lpl-financial-ordered-to-pay-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/lpl-financial-ordered-to-pay-1\/","title":{"rendered":"LPL Financial Ordered to Pay $100K for Lack of Adequate Oversight that Resulted in Unsuitable Investments for Clients"},"content":{"rendered":"

\t\t\t\tLPL Financial must pay $100K for its improper supervision of a broker. The Oregon Division of Financial and Corporate Securities, which fined the financial firm, reports that LPL Financial has put in place better oversight procedures since the violation was discovered. LPL Financial is a LPL Investment Holdings Inc. division.<\/p>\n

According to the state’s securities division, Jack Kleck, an LPL Financial branch manager, sold risky gas and oil partnership-related investments to almost 36 residents. A lot of these clients were elderly seniors for whom these investments were unsuitable (considering their investment goals and age). Some even lacked the mental capacity to make such investment choices.<\/p>\n

LPL Financial is accused of committing securities law violations, including not making sure that company procedures and policy were enforced and inadequately supervising Kleck, whose securities license was taken away in 2007. He was ordered to pay a $30,000 fine.<\/p>\n

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

LPL Financial must pay $100K for its improper supervision of a broker. The Oregon Division of Financial and Corporate Securities, which fined the financial firm, reports that LPL Financial has put in place better oversight procedures since the violation was discovered. LPL Financial is a LPL Investment Holdings Inc. division. According to the state’s securities […]<\/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":[3752,3777,3877,3741,3803],"tags":[],"class_list":["post-982","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-inadequate-supervision","category-lpl-financial","category-securities-fraud","category-senior-investors"],"yoast_head":"\nLPL Financial Ordered to Pay $100K for Lack of Adequate Oversight that Resulted in Unsuitable Investments for Clients — Investor Lawyers Blog — November 29, 2011<\/title>\n<meta name=\"description\" content=\"LPL Financial must pay $100K for its improper supervision of a broker. 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