LPL Financial was fined $11.7 million by the Financial Industry Regulatory Authority (FINRA) for supervisory failures. FINRA believes that the supervisory failures began in 2007 when LPL allegedly did not properly supervise the sale of complex products. FINRA also alleges that the system LPL had in place to review customer accounts was deficient which caused 67,000 customers to not receive 14 million trade confirmations.
If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.
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