February 18, 2016-
The Texas State Securities Board reprimanded LPL Financial and ordered the company to pay a $95,000 fine for supervisory failures that led to one of their brokers borrowing $2 million from a LPL customer.
Having received a tip that the broker had made a large loan from a customer, LPL initiated a review however the analyst performing the review failed to observe that the loan was from one of the broker’s customers.
Eighteen months later the same client made another $1 million loan to the broker. LPL received another tip about an improper loan and that the broker was selling inappropriate investments. LPL’s investigation this time around resulted in the termination of of the broker and a voluntary disclosure to the TSSB.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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