FINRA Sanctions LPL Financial LLC $11.7 Million for Widespread Supervisory Failures
FINRA recently censured LPL Financial LLC and fined it $10 million for broad supervisory failures in a number of key areas, including the sales of non-traditional exchange-traded funds (ETFs), certain variable annuity contracts, non-traded real estate investment trusts (REITs) and other complex products as well as its failure to monitor and report trades and deliver to customers more than 14 million trade confirmations. In addition to the fine, FINRA ordered LPL Financial to pay approximately $1.7 million in restitution to certain customers who purchased non-traditional ETFs.
If you purchased non-traditional ETFs, variable annuities or REITs from a broker affiliated with LPL Financial please contact the investment fraud attorneys at West & West for a free initial consultation.