Form TA-1 Filer Information | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM TA-1/A | OMB APPROVAL |
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TA-1/A : Filer Information
Form Version X0405 |
1(a). Filer CIK: | 0001007444 |
1(b). Filer CCC: | ******** |
1(c). Is this a LIVE or TEST submission? | ![]() ![]() |
1(d). Would you like a Return Copy? | ![]() |
Submission Contact Information
The registrant may provide a single e-mail address for contact purposes.1(f)(i). Contact Name: | |
1(f)(ii). Contact Phone Number: | |
1(f)(iii). Contact E-Mail Address: |
Notification Information
The registrant may provide additional e-mail addresses for those persons the filer would like to receive notification e-mails regarding the filing.1(g). Notification E-mail Address: |
TA-1/A : Registrant Information
2. Appropriate regulatory agency (check one): | ![]() ![]() ![]() |
3(a). Full Name of Registrant: | LPL Financial LLC /TA |
3(a)(i). Previous name, if being amended: | LPL Financial CORP /TA |
3(b). Financial Industry Number (FINS) number: | 008698 |
3(c). Address of principal office where transfer agent activities are, or will be, performed:
3(c)(i). Address 1 | 4707 Executive Drive |
3(c)(ii). Address 2 | |
3(c)(iii). City | San Diego |
3(c)(iv). State or Country | CALIFORNIA |
3(c)(v). Postal Code | 92121-3091 |
3(d). Is Mailing address different from response to Question 3c? If "yes" provide address(es): | ![]() ![]() |
3(d)(i). Address 1 | 75 STATE STREET, 22ND FLOOR |
3(d)(ii). Address 2 | |
3(d)(iii). City | BOSTON |
3(d)(iv). State or Country | MASSACHUSETTS |
3(d)(v). Postal Code | 02109 |
3(e). Telephone Number (Include Area Code) | 800-877-7210 |
4. Does Registrant conduct, or will it conduct, transfer agent activities at any location other than that given in Questions 3(c) above? If "Yes" provide address (es): | ![]() ![]() |
5. Does registrant act, or will it act, as a transfer agent solely for its own securities, and/or securities of an affiliate(s)? | ![]() ![]() |
6. Has registrant, as a named transfer agent, engaged, or will it engage, a service company to perform any transfer agent functions? | ![]() ![]() |
7. Has registrant been engaged, or will it be engaged as a service company by a named transfer agent to perform transfer agent functions? | ![]() ![]() |
TA-1/A : Independent, Non-Issuer Registrant Information
Completion of Question 8 on this form is required by all independent, non-issuer registrants whose appropriate regulatory authority is the Securities and Exchange Commission. Those registrants who are not required to complete Question 8 should select "Not Applicable".
8. Is registrant a: | Other | LLC |
Section for Initial Registration and for Amendments Reporting Additional Persons.
Proprietor or other entity information Related to item 8 Record: 1
8(a)(i). Full Name | LPL Holdings, Inc. |
8(a)(ii). Relationship Start Date | 04/01/1989 |
8(a)(iii). Title or Status | Managing Member |
8(a)(iv). Description of Authority | Parent Company |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 2
8(a)(i). Full Name | Mark Robert Helliker |
8(a)(ii). Relationship Start Date | 08/01/2008 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Client Support Services |
8(a)(v). Relationship End Date | 08/01/2015 |
Proprietor or other entity information Related to item 8 Record: 3
8(a)(i). Full Name | Robert Joseph Moore |
8(a)(ii). Relationship Start Date | 05/01/2012 |
8(a)(iii). Title or Status | President and Director |
8(a)(iv). Description of Authority | Advisor & Institution Solutions |
8(a)(v). Relationship End Date | 03/16/2015 |
Proprietor or other entity information Related to item 8 Record: 4
8(a)(i). Full Name | Sharyn J. Handelsman |
8(a)(ii). Relationship Start Date | 01/01/2014 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Chief Compliance Officer, Brokerage |
8(a)(v). Relationship End Date | 06/12/2015 |
Proprietor or other entity information Related to item 8 Record: 5
8(a)(i). Full Name | George Burton White |
8(a)(ii). Relationship Start Date | 11/01/2007 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Investor & Investment Solutions |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 6
8(a)(i). Full Name | Dan Hogan Arnold, Jr. |
8(a)(ii). Relationship Start Date | 05/01/2012 |
8(a)(iii). Title or Status | President & Chief Executive Officer |
8(a)(iv). Description of Authority | President & Chief Executive Officer |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 7
8(a)(i). Full Name | David Paul Bergers |
8(a)(ii). Relationship Start Date | 08/01/2013 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Legal and Government Relations |
8(a)(v). Relationship End Date | 06/09/2017 |
Proprietor or other entity information Related to item 8 Record: 8
8(a)(i). Full Name | Michelle Oroschakoff |
8(a)(ii). Relationship Start Date | 09/01/2013 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Chief Legal & Risk Officer |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 9
8(a)(i). Full Name | Paul Middlemiss |
8(a)(ii). Relationship Start Date | 05/01/2011 |
8(a)(iii). Title or Status | Executive Vice President |
8(a)(iv). Description of Authority | Chief Compliance Officer, Advisory |
8(a)(v). Relationship End Date | 11/21/2016 |
Proprietor or other entity information Related to item 8 Record: 10
8(a)(i). Full Name | John Andrew Kalbaugh |
8(a)(ii). Relationship Start Date | 03/01/2010 |
8(a)(iii). Title or Status | Managing Director & Divisional President |
8(a)(iv). Description of Authority | National Sales & Consulting |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 11
8(a)(i). Full Name | Joan Dominy Khoury |
8(a)(ii). Relationship Start Date | 05/01/2012 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Chief Marketing Officer |
8(a)(v). Relationship End Date | 06/01/2014 |
Proprietor or other entity information Related to item 8 Record: 12
8(a)(i). Full Name | Sallie Rebecca Larsen |
8(a)(ii). Relationship Start Date | 05/01/2012 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Chief Human Capital Officer |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 13
8(a)(i). Full Name | Victor Peter Fetter, III |
8(a)(ii). Relationship Start Date | 12/01/2012 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Chief Information Officer |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 14
8(a)(i). Full Name | Mark Stephen Casady |
8(a)(ii). Relationship Start Date | 12/01/2005 |
8(a)(iii). Title or Status | Chairman of the Board and CEO |
8(a)(iv). Description of Authority | Chief Executive Officer |
8(a)(v). Relationship End Date | 01/03/2017 |
Proprietor or other entity information Related to item 8 Record: 15
8(a)(i). Full Name | William P. Morrissey, Jr. |
8(a)(ii). Relationship Start Date | 04/01/2014 |
8(a)(iii). Title or Status | Managing Director & Divisional President |
8(a)(iv). Description of Authority | Business Development |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 16
8(a)(i). Full Name | Stephanie Leigh Brown |
8(a)(ii). Relationship Start Date | 03/01/2004 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | General Counsel |
8(a)(v). Relationship End Date | 08/19/2013 |
Proprietor or other entity information Related to item 8 Record: 17
8(a)(i). Full Name | Esther Marion Stearns |
8(a)(ii). Relationship Start Date | 03/01/2007 |
8(a)(iii). Title or Status | Chief Operating Officer |
8(a)(iv). Description of Authority | President |
8(a)(v). Relationship End Date | 05/01/2012 |
Proprietor or other entity information Related to item 8 Record: 18
8(a)(i). Full Name | William Edward Dwyer III |
8(a)(ii). Relationship Start Date | 01/01/2004 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | National Sales |
8(a)(v). Relationship End Date | 03/01/2013 |
Proprietor or other entity information Related to item 8 Record: 19
8(a)(i). Full Name | Denise Abood |
8(a)(ii). Relationship Start Date | 01/01/2008 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Human Capital |
8(a)(v). Relationship End Date | 06/30/2012 |
Proprietor or other entity information Related to item 8 Record: 20
8(a)(i). Full Name | Jonathan Eaton |
8(a)(ii). Relationship Start Date | 01/01/2008 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Retirement Planning |
8(a)(v). Relationship End Date | 06/30/2012 |
Proprietor or other entity information Related to item 8 Record: 21
8(a)(i). Full Name | Christopher F. Feeney |
8(a)(ii). Relationship Start Date | 01/28/2008 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Chief Information Officer |
8(a)(v). Relationship End Date | 12/31/2012 |
Proprietor or other entity information Related to item 8 Record: 22
8(a)(i). Full Name | Kathy VanNoy-Pineda |
8(a)(ii). Relationship Start Date | 05/21/2009 |
8(a)(iii). Title or Status | EVP |
8(a)(iv). Description of Authority | Chief Compliance Officer, Brokerage |
8(a)(v). Relationship End Date | 01/01/2014 |
Proprietor or other entity information Related to item 8 Record: 23
8(a)(i). Full Name | John J. McDermott Jr. |
8(a)(ii). Relationship Start Date | 07/27/2009 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Chief Risk Officer |
8(a)(v). Relationship End Date | 09/13/2013 |
Proprietor or other entity information Related to item 8 Record: 24
8(a)(i). Full Name | Abdiel Alan Valenzuela |
8(a)(ii). Relationship Start Date | 05/21/2009 |
8(a)(iii). Title or Status | VP - Advisory |
8(a)(iv). Description of Authority | Chief Compliance Officer, Advisory |
8(a)(v). Relationship End Date | 05/01/2011 |
Proprietor or other entity information Related to item 8 Record: 25
8(a)(i). Full Name | Derek Bruton |
8(a)(ii). Relationship Start Date | 03/01/2010 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | National Sales |
8(a)(v). Relationship End Date | 04/04/2014 |
Proprietor or other entity information Related to item 8 Record: 26
8(a)(i). Full Name | Becky Shulman |
8(a)(ii). Relationship Start Date | 06/06/2011 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Deputy CFO |
8(a)(v). Relationship End Date | 11/21/2011 |
Proprietor or other entity information Related to item 8 Record: 27
8(a)(i). Full Name | Mary Frances Schott |
8(a)(ii). Relationship Start Date | 06/01/2014 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Client Experience and Training |
8(a)(v). Relationship End Date | 03/29/2016 |
Proprietor or other entity information Related to item 8 Record: 28
8(a)(i). Full Name | Ryan Christopher Parker |
8(a)(ii). Relationship Start Date | 06/01/2014 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Investment and Planning Solutions |
8(a)(v). Relationship End Date | 06/03/2016 |
Proprietor or other entity information Related to item 8 Record: 29
8(a)(i). Full Name | Thomas Dominic Lux |
8(a)(ii). Relationship Start Date | 03/16/2015 |
8(a)(iii). Title or Status | Executive Vice President |
8(a)(iv). Description of Authority | Chief Financial Officer |
8(a)(v). Relationship End Date | 09/28/2015 |
Proprietor or other entity information Related to item 8 Record: 30
8(a)(i). Full Name | Thomas Andrew Gooley |
8(a)(ii). Relationship Start Date | 07/10/2015 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Service, Trading and Operations |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 31
8(a)(i). Full Name | Matthew Jon Audette |
8(a)(ii). Relationship Start Date | 09/28/2015 |
8(a)(iii). Title or Status | Chief Financial Officer |
8(a)(iv). Description of Authority | Chief Financial Officer |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 32
8(a)(i). Full Name | Suzanne Elizabeth Auletta |
8(a)(ii). Relationship Start Date | 09/18/2015 |
8(a)(iii). Title or Status | Executive Vice President |
8(a)(iv). Description of Authority | Chief Compliance Officer, Brokerage |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 33
8(a)(i). Full Name | Tracy Ellen Calder |
8(a)(ii). Relationship Start Date | 01/25/2016 |
8(a)(iii). Title or Status | Managing Director |
8(a)(iv). Description of Authority | Deputy Chief Risk Officer |
8(a)(v). Relationship End Date |
Proprietor or other entity information Related to item 8 Record: 34
8(a)(i). Full Name | Kurt Walker Lofgren |
8(a)(ii). Relationship Start Date | 03/13/2017 |
8(a)(iii). Title or Status | Senior Vice President |
8(a)(iv). Description of Authority | Chief Compliance Officer, Advisory |
8(a)(v). Relationship End Date |
9. Does any person or entity not named in the answer to Question 8:
9(a). directly or indirectly, through agreement or otherwise exercise or have the power to exercise control over the management or policies of applicant, or;…. | ![]() ![]() |
9(a)(i). Exact name of each person or entity: | LPL Financial Holdings Inc. |
9(a)(ii). Description of the Agreement or other basis: | Sole stockholder of LPL Holdings, Inc. |
9(b). wholly or partially finance the business of the applicant, directly or indirectly, in any manner other than by a public offering of securities made pursuant to the Securities Act of 1933 or by credit extended in the ordinary course of business by suppliers, banks and others?….. | ![]() ![]() |
TA-1/A : 10. Applicant and Control Affiliate Disciplinary History
The following definitions apply for purposes of answering this Question 10
Control Affiliate | - An individual or firm that directly or indirectly controls, is under common control with, or is controlled by applicant. Included are any employees identified in 8(a), 8(b), 8(c) of this form as exercising control. Excluded are any employees who perform solely clerical, administrative support of similar functions, or who, regardless of title, perform no executive duties or have no senior policy making authority. |
Investment or investment related | - Pertaining to securities, commodities, banking, insurance, or real estate (including, but not limited to, acting as or being associated with a broker dealer, investment company, investment adviser, futures sponsor, bank, or savings and loan association). |
Involved | - Doing an act of aiding, abetting, counseling, commanding, inducing, conspiring with or failing reasonably to supervise another in doing an act. |
10(a). In the past ten years has the applicant or a control affiliate been convicted of or plead guilty or nolo contendere ("no contest") to:
10(a)(1). a felony or misdemeanor involving: investments or an investment-related business, fraud, false statements or omissions, wrongful taking of property, or bribery, forgery, counterfeiting, or extortion? | ![]() ![]() |
10(a)(2). any other felony? | ![]() ![]() |
10(b). Has any court in the past ten years: | |
10(b)(1). enjoined the applicant or a control affiliate in connection with any investment-related activity? | ![]() ![]() |
10(b)(2). found that the applicant or control affiliate was involved in a violation of investment-related statutes or regulations? | ![]() ![]() |
10 (c). Has the U.S. Securities and Exchange Commission or the Commodity Futures Trading Commission ever: | |
10(c)(1). found the applicant or control affiliate to have made a false statement or omission? | ![]() ![]() |
10(c)(2). found the applicant or control affiliate to have been involved in a violation of its regulation or statutes? | ![]() ![]() |
Entity information Related to item 10(c)(2) Record: 1
10(c)(2)(i). The individuals named in the Action | Linsco/Private Ledger Corp. (N/K/A LPL Financial) |
10(c)(2)(ii). Title of Action | SEC Administrative Proceeding Rel. Nos. 33 8371 and 34 49232 |
10(c)(2)(iii). Date of Action | 02/12/2004 |
10(c)(2)(iv). The Court or body taking the Action and its location | The Securities and Exchange Commission |
10(c)(2)(v). Description of the Action | Action involved allegations related to application of mutual breakpoints for eligible customers on purchases of front-end load mutual funds. |
10(c)(2)(vi). The disposition of the proceeding | The SEC issued and order against LPL that resulted in a censure, monetary fine, disgorgement/restitution and cease and desist/injunction. |
Entity information Related to item 10(c)(2) Record: 2
10(c)(2)(i). The individuals named in the Action | LPL Financial |
10(c)(2)(ii). Title of Action | SEC Administrative Proceeding No. 34-58515 |
10(c)(2)(iii). Date of Action | 09/11/2008 |
10(c)(2)(iv). The Court or body taking the Action and its location | The Securities and Exchange Commission |
10(c)(2)(v). Description of the Action | Proceeding involved allegations of violations of the safeguards rules of Regulation S-P. |
10(c)(2)(vi). The disposition of the proceeding | The SEC issued an order against LPL that resulted in a censure, monetary fine, remedial undertakings by LPL, and cease and desist/injunction. |
10(c)(3). found the applicant or control affiliate to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked or restricted? | ![]() ![]() |
10(c)(4). entered an order denying, suspending or revoking the applicant’s or control affiliate’s registration or otherwise disciplined it by restricting its activities? | ![]() ![]() |
Entity information Related to item 10(c)(4) Record: 1
10(c)(4)(i). The individuals named in the Action | LPL Financial |
10(c)(4)(ii). Title of Action | SEC Administrative Proceeding Rel. Nos. 33 8371 and 34 49232 |
10(c)(4)(iii). Date of Action | 02/12/2004 |
10(c)(4)(iv). The Court or body taking the Action and its location | The Securities and Exchange Commission |
10(c)(4)(v). Description of the Action | Action involved allegations related to application of mutual breakpoints for eligible customers on purchases of front-end load mutual funds. |
10(c)(4)(vi). The disposition of the proceeding | The SEC issued an order against LPL that resulted in a censure, monetary fine, disgorgement/restitution, and cease and desist/injunction. |
10(d). Has any other Federal regulatory agency or any state regulatory agency : | |
10(d)(1). ever found the applicant or control affiliate to have made a false statement or omission or to have been dishonest, unfair, or unethical? | ![]() ![]() |
Entity information Related to item 10(d)(1) Record: 1
10(d)(1)(i). The individuals named in the Action | LPL Financial |
10(d)(1)(ii). Title of Action | Consent Order |
10(d)(1)(iii). Date of Action | 09/04/2014 |
10(d)(1)(iv). The Court or body taking the Action and its location | State of Ohio Department of Insurance |
10(d)(1)(v). Description of the Action | LPL failed to report various regulatory actions to the Ohio Department of Insurance within 30 days. |
10(d)(1)(vi). The disposition of the proceeding | $800.00 fine and investigative costs of $200.00. |
10(d)(2). ever found the applicant or control affiliate to have been involved in a violation of investment-related regulations or statutes? | ![]() ![]() |
Entity information Related to item 10(d)(2) Record: 1
10(d)(2)(i). The individuals named in the Action | Private Ledger Financial Services, Inc. (N/K/A LPL Financial) |
10(d)(2)(ii). Title of Action | Docket/Case Number: 82-66-S |
10(d)(2)(iii). Date of Action | 05/20/1984 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Michigan |
10(d)(2)(v). Description of the Action | The matter involved a client that was sold various securities by two Private Ledger Financial Services, Inc. (PLFS) agents who were not registered in Michigan at the time of sale, which is a violation of Michigan Securities Act. |
10(d)(2)(vi). The disposition of the proceeding | PLFS was censured and ordered to pay restitution of $11,163.00 to a Michigan client. |
Entity information Related to item 10(d)(2) Record: 2
10(d)(2)(i). The individuals named in the Action | Private Ledger Financial Services, Inc. (N/K/A LPL Financial) |
10(d)(2)(ii). Title of Action | Docket/Case Number: 50-86-952(a). |
10(d)(2)(iii). Date of Action | 05/14/1986 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Georgia |
10(d)(2)(v). Description of the Action | The matter involved allegations that PLFS offered for sale and sold securities which were not effectively registered nor exempt from registration. |
10(d)(2)(vi). The disposition of the proceeding | PLFS reimbursed the Commissioner in the amount of $1,000.00 and agreed to cease and desist without admitting or denying any of the findings of fact or conclusions of Law. |
Entity information Related to item 10(d)(2) Record: 3
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: 9501-04LC |
10(d)(2)(iii). Date of Action | 10/09/1996 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Pennsylvania |
10(d)(2)(v). Description of the Action | The matter involved conduct of a former registered representative and one of its predecessor firms, Private Ledger Financial Services (PLFS). |
10(d)(2)(vi). The disposition of the proceeding | LPL consented to an order requiring it to engage an independent consultant to review its existing compliance policies & procedures, pay costs of $19,304.94 and comply with PA securities regulations. |
Entity information Related to item 10(d)(2) Record: 4
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: 97E179 |
10(d)(2)(iii). Date of Action | 12/01/1998 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Kansas |
10(d)(2)(v). Description of the Action | The proceeding was based on the conduct of a former registered representative and one of its predecessor firms, PLFS. |
10(d)(2)(vi). The disposition of the proceeding | LPL agreed to review procedures and make modifications that LPL determines to be reasonable, not overly burdensome and offers restitution to certain LPL customers. |
Entity information Related to item 10(d)(2) Record: 5
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: IC06-CAF-19 |
10(d)(2)(iii). Date of Action | 06/28/2006 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Texas |
10(d)(2)(v). Description of the Action | Involved allegations that LPL failed to timely update its Form BD to reflect the use of other business names in connection with securities activity by certain LPL branch offices in TX. |
10(d)(2)(vi). The disposition of the proceeding | The order resulted in a reprimand and administrative fine in the amount of $10,000.00. |
Entity information Related to item 10(d)(2) Record: 6
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: 2007-03-01 |
10(d)(2)(iii). Date of Action | 11/20/2007 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Pennsylvania |
10(d)(2)(v). Description of the Action | Allegations that at certain times between 1998 and 2006, LPL failed to maintain or enforce procedures reasonably designed to supervise one or more of its former registered representatives. |
10(d)(2)(vi). The disposition of the proceeding | The matter resulted in a $200,000.00 administrative assessment and $30,000.00 for investigative and legal costs. |
Entity information Related to item 10(d)(2) Record: 7
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: SEC-2009-46 |
10(d)(2)(iii). Date of Action | 09/11/2009 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Montana |
10(d)(2)(v). Description of the Action | Allegation that LPL failed to reasonably supervise a former registered representative. |
10(d)(2)(vi). The disposition of the proceeding | LPL consented to pay restitution of $1,144,416.51 and a fine to the State of Montana of $150,000.00. |
Entity information Related to item 10(d)(2) Record: 8
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: SEU-2007-73 |
10(d)(2)(iii). Date of Action | 12/24/2007 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Hawaii |
10(d)(2)(v). Description of the Action | Allegation of failure to disclose to clients material information in connection with the offer, sale or purchase of securities. |
10(d)(2)(vi). The disposition of the proceeding | Consent agreement resulted in an administrative penalty of $10,000.00. |
Entity information Related to item 10(d)(2) Record: 9
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: 2010-AH-012 |
10(d)(2)(iii). Date of Action | 12/08/2009 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Kentucky |
10(d)(2)(v). Description of the Action | Allegation that LPL paid advisory compensation to registered representative who was not qualified and was not registered as an investment advisor representative. |
10(d)(2)(vi). The disposition of the proceeding | Matter resulted in a fine of $4,000.00. |
Entity information Related to item 10(d)(2) Record: 10
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: 0800381 |
10(d)(2)(iii). Date of Action | 07/12/2010 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Illinois |
10(d)(2)(v). Description of the Action | Allegation that LPL failed to detect the role of one of its former representatives in the sale of participations in oil and gas projects. |
10(d)(2)(vi). The disposition of the proceeding | Matter resulted in a $300,000.00 fine and restitution of $167,796.00. |
Entity information Related to item 10(d)(2) Record: 11
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: AP-10-16 |
10(d)(2)(iii). Date of Action | 08/11/2010 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Missouri |
10(d)(2)(v). Description of the Action | Matter involved sale of variable annuity contract in which one of its representatives allegedly misunderstood the contract's rider. |
10(d)(2)(vi). The disposition of the proceeding | Matter resulted in a censure and $37,540.00 in total for fine, restitution and interest. |
Entity information Related to item 10(d)(2) Record: 12
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number:1000096 |
10(d)(2)(iii). Date of Action | 10/24/2011 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Illinois |
10(d)(2)(v). Description of the Action | Allegation that LPL failed to supervise a former registered representative. |
10(d)(2)(vi). The disposition of the proceeding | Matter resulted in restitution of $1,885,000.00 to customers. |
Entity information Related to item 10(d)(2) Record: 13
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: 2009-10-06 |
10(d)(2)(iii). Date of Action | 12/06/2011 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Pennsylvania |
10(d)(2)(v). Description of the Action | Allegation that LPL failed to supervise two former registered representatives. |
10(d)(2)(vi). The disposition of the proceeding | Matter resulted in a fine of $59,092.52 and investigative costs. |
Entity information Related to item 10(d)(2) Record: 14
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: S-07-0001-2 |
10(d)(2)(iii). Date of Action | 11/08/2011 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Oregon |
10(d)(2)(v). Description of the Action | Allegation that LPL failed to supervise a former OSJ manager's transactions. |
10(d)(2)(vi). The disposition of the proceeding | Matter resulted in a fine of $100,000.00. |
Entity information Related to item 10(d)(2) Record: 15
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: AP-13-21 |
10(d)(2)(iii). Date of Action | 12/17/2013 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Missouri |
10(d)(2)(v). Description of the Action | Allegation that LPL failed to supervise a former registered representative. |
10(d)(2)(vi). The disposition of the proceeding | Fine of $175,000.00 and pay the cost of the investigation in the amount of $10,000.00. |
Entity information Related to item 10(d)(2) Record: 16
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: SEC-2012-144 |
10(d)(2)(iii). Date of Action | 11/04/2012 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Montana |
10(d)(2)(v). Description of the Action | Allegation that LPL failed to supervise a former registered representative. |
10(d)(2)(vi). The disposition of the proceeding | Matter resulted in a fine of $10,000.00 and restitution of $20,500.00 to customers. |
Entity information Related to item 10(d)(2) Record: 17
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: 2012-0036 |
10(d)(2)(iii). Date of Action | 12/12/2012 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Massachusetts |
10(d)(2)(v). Description of the Action | Allegations of failure to supervise and train registered representatives in connection with the sale of non-traded REITS. |
10(d)(2)(vi). The disposition of the proceeding | Matter resulted in a fine of $500,000.00 and restitution to certain customers. |
Entity information Related to item 10(d)(2) Record: 18
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Docket/Case Number: IC08-CAF-22 |
10(d)(2)(iii). Date of Action | 12/30/2008 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Texas |
10(d)(2)(v). Description of the Action | The state alleged that LPL failed to enforce its written procedures by failing to report a felony charge on a registered representative's Form U4. |
10(d)(2)(vi). The disposition of the proceeding | Fine of $5,000.00. |
Entity information Related to item 10(d)(2) Record: 19
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | File No. 1200385 |
10(d)(2)(iii). Date of Action | 06/30/2014 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Illinois Securities Department |
10(d)(2)(v). Description of the Action | LPL submitted to a consent order with the Illinois Securities Department in connection with certain variable annuity exchange transactions, in particular, relating to its failure to adequately enforce supervisory procedures and maintain certain books and records required under Illinois law. |
10(d)(2)(vi). The disposition of the proceeding | LPL agreed to a censure, fine of $2,000,000.00 and restitution to impacted customers of approximately $800,000.00. |
Entity information Related to item 10(d)(2) Record: 20
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | File no. 1200385 |
10(d)(2)(iii). Date of Action | 10/31/2014 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Illinois Securities Department |
10(d)(2)(v). Description of the Action | LPL Financial failed to detect improper and fraudulent conduct on the part of David Lisnek toward his LPL clients. LPL Financial allowed Mr. Lisnek to remain a registered representative while several facts, viewed together as a pattern of conduct, would have constituted multiple cautionary indicators of the potential for improper conduct. |
10(d)(2)(vi). The disposition of the proceeding | Fine of $500,000.00 and restitution in the amount of $315,218.00. |
Entity information Related to item 10(d)(2) Record: 21
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 07/14/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Massachusetts Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that it did not establish, maintain, or enforce adequate procedures to review senior-specific titles for compliance with the Commonwealth's Senior Designations Regulations adopted June 1, 2007. As a result, LPL allowed its broker-dealer agents and investment adviser representatives to use prohibited senior-specific designations. |
10(d)(2)(vi). The disposition of the proceeding | Censure, undertakings, cease and desist, and a fine in the amount of $250,000.00. |
Entity information Related to item 10(d)(2) Record: 22
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Stipulation and Consent |
10(d)(2)(iii). Date of Action | 07/31/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Florida Office of Financial Regulation |
10(d)(2)(v). Description of the Action | LPL consented to the sanctions and the entry of the findings that from September 2009 to September 2013, LPL allowed one of its registered representatives to engage in investment advisory business from an office in the State of Florida without being lawfully registered in Florida. |
10(d)(2)(vi). The disposition of the proceeding | Cease and desist and a fine in the amount of $10,000.00. |
Entity information Related to item 10(d)(2) Record: 23
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 09/22/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Delaware Investor Protection Unit |
10(d)(2)(v). Description of the Action | LPL consented to the sanctions and the entry of findings that LPL failed to ensure that its financial advisors understood and explained the unique risks, failed to enforce its warning and fine system with regard to its leveraged ETFs concentration limits, and failed to adequately monitor and ensure the monitoring of client holding periods, all of which constitute a failure to supervise. |
10(d)(2)(vi). The disposition of the proceeding | Fine in the amount of $50,000.00, restitution in the amount of $150,000.00, and undertakings. |
Entity information Related to item 10(d)(2) Record: 24
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 10/01/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Nevada Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the sanctions and the entry of findings that from January 1, 2008 through December 31, 2013, LPL offered multiple non-traded REITs that were sold in excess of the REIT's prospectus standards, various state concentration limits, or its own alternative investment guidelines. LPL failed to implement an adequate supervisory system that was reasonably designed to achieve compliance with NAC 90.321. LPL also failed to enforce its written procedures to supervise the activities of its registered representatives in violation of NAC 90.321. |
10(d)(2)(vi). The disposition of the proceeding | Fine of $21,202.19 and reimbursement of $19,676.00 for investigation costs to Nevada, reimbursement of $35,000.00 for investigation costs to NASAA, censure, restitution, cease and desist, and undertakings. |
Entity information Related to item 10(d)(2) Record: 25
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Assurance of Discontinuance |
10(d)(2)(iii). Date of Action | 09/15/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Commonwealth of Massachusetts |
10(d)(2)(v). Description of the Action | LPL consented to the sanctions and the entry of findings that LPL offered leveraged ETFs without monitoring and systematically reviewing the length of time its clients held leveraged ETFs. LPL provided insufficient training materials to financial advisors and failed to identify and examine potential issues concerning the suitability of leveraged ETF exposure. Moreover, LPL did not consistently adhere to its policy of imposing fines on LPL financial advisors who exceeded this concentration limit. |
10(d)(2)(vi). The disposition of the proceeding | Fine in the amount of $200,000.00, restitution in the amount of $1,600,000.00, and undertakings. |
Entity information Related to item 10(d)(2) Record: 26
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 11/04/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Ohio Department of Insurance |
10(d)(2)(v). Description of the Action | LPL consented to the allegations that it violated Ohio statute 3905.22 by failing to timely report a regulatory action taken by the state of New Hampshire dated April 6, 2015. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $1,800.00 and administrative costs of $200.00. |
Entity information Related to item 10(d)(2) Record: 27
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Administrative Consent Order |
10(d)(2)(iii). Date of Action | 11/24/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Mississippi Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Mississippi residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $19,253.45, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 28
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 11/23/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Commonwealth of Puerto Rico |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Puerto Rico residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $10,125.11, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 29
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 11/30/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Pennsylvania Department of Banking and Securities |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Pennsylvania residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $26,110.92, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 30
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 11/24/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | New Mexico Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to New Mexico residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $11,528.48, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 31
10(d)(2)(i). The individuals named in the Action | LPL Financial |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 11/30/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | South Dakota Division of Securities |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to South Dakota residents. The Firm received a copy of the final Consent Order on November 30, 2015. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $12,500.70, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 32
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 11/24/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Indiana Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Indiana residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $19,041.63 and reimbursement of $35,000 for investigation costs to NASAA, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 33
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Stipulation and Consent Order |
10(d)(2)(iii). Date of Action | 12/03/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Utah Division of Securities |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Utah residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $18,293.16, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 34
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 12/03/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Missouri Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Missouri residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $38,522.75, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 35
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 12/01/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Texas State Securities Board |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Texas residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $110,855.07, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 36
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent To Order |
10(d)(2)(iii). Date of Action | 12/03/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Alaska Division of Banking and Securities |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Alaska residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $10,570.45, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 37
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Stipulation for Consent Order |
10(d)(2)(iii). Date of Action | 12/30/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Colorado Division of Securities |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Colorado residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $40,183.94, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 38
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Stipulation and Consent Agreement |
10(d)(2)(iii). Date of Action | 12/30/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Florida Office of Financial Regulation |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Florida residents. |
10(d)(2)(vi). The disposition of the proceeding | Administrative fine in the amount of $50,555.39, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 39
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 01/08/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Georgia Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Georgia residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $28,021.63, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 40
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 12/21/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Idaho Department of Finance |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Idaho residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $17,738.18, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 41
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 01/05/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Iowa Insurance Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Iowa residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $16,638.57, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 42
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 12/21/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Michigan Department of Licensing and Regulatory Affairs |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Michigan residents. The Consent Order was issued and entered by Michigan on December 21, 2015. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $38,133.80, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 43
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 12/23/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Minnesota Department of Commerce |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Minnesota residents. The Firm received a copy of the final Consent Order on December 23, 2015. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $41,209.74, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 44
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 12/29/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | Nebraska Department of Banking & Finance |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Nebraska residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $16,736.07, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 45
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 12/15/2015 |
10(d)(2)(iv). The Court or body taking the Action and its location | New Hampshire Bureau of Securities Regulation |
10(d)(2)(v). Description of the Action | Without admitting or denying the facts or allegations, LPL consented to the findings that LPL failed to implement an adequate supervisory system and enforce its written procedures regarding the sale of non-traded REITs to New Hampshire residents. |
10(d)(2)(vi). The disposition of the proceeding | Pay an administrative fine of $250,000.00, the Bureau's costs of $250,000.00, and a contribution to the investor education fund of $250,000.00, offer remediation, undertakings, and cease and desist from any further violations. |
Entity information Related to item 10(d)(2) Record: 46
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Administrative Consent Order |
10(d)(2)(iii). Date of Action | 01/29/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | California Department of Business Oversight |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to California residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $140,220.11, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 47
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 01/15/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Washington Department of Financial Institutions Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Washington residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $65,766.07, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 48
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 02/09/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Alabama Securities Commission |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Alabama residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $18,267.52, of which $8,267.52 represents partial reimbursement for the Commission's cost for investigating this matter, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 49
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 02/09/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | North Dakota Securities Department |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to North Dakota residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $11,012.50, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 50
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 02/18/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Texas State Securities Board |
10(d)(2)(v). Description of the Action | In May 2015, the Staff of the Texas Securities Board initiated an investigation into LPL's Financial Statement Reviews for agents registered with the Texas Securities Commission. In certain instances, during the relevant periods of January 2011 through September 2011 and June 2014 through December 2014, the Financial Statement Reviews were not conducted in accordance with LPL's written supervisory procedures. |
10(d)(2)(vi). The disposition of the proceeding | LPL consented to the entry of the order, an administrative fine in the amount of $95,000.00, and undertakings. |
Entity information Related to item 10(d)(2) Record: 51
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 02/19/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Washington Insurance Commissioner |
10(d)(2)(v). Description of the Action | LPL consented to the entry of a consent order with the Insurance Commissioner of the state of Washington, after its investigation into the conduct of a non-resident insurance producer after receiving a complaint from an insured alleging that he misrepresented the benefits and suitability of an annuity. More than one of the insurance producers' violations were known or should have been known by one or more individuals acting on behalf of LPL, and LPL neither reported the violations nor took corrective action. |
10(d)(2)(vi). The disposition of the proceeding | LPL paid a fine in the amount of $2,000.00. |
Entity information Related to item 10(d)(2) Record: 52
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 02/26/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Office of the Kansas Securities Commissioner |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Kansas residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $16,182.86, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 53
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Administrative Consent Order |
10(d)(2)(iii). Date of Action | 02/29/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Kentucky Department of Financial Institutions |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Kentucky residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $22,841.84, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 54
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 03/02/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Wisconsin Division of Securities |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Wisconsin residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $25,928.70, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 55
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 03/04/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Tennessee Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Tennessee residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $33,714.11, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 56
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 03/11/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | U.S. Virgin Islands Division of Banking and Insurance |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to U.S. Virgin Islands residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $10,013.22, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 57
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 03/14/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Ohio Division of Securities |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Ohio residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $35,522.13, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 58
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 03/30/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | South Carolina Securities Commission |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to South Carolina residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $80,000.00, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 59
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 04/26/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Arkansas Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Arkansas residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $19,347.74, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 60
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 04/29/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Oregon Division of Financial Regulation |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Oregon residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $24,642.20, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 61
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 05/03/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Oklahoma Department of Securities |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Oklahoma residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $21,245.14, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 62
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 06/30/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Commonwealth of Massachusetts |
10(d)(2)(v). Description of the Action | The Firm entered into a Consent Order with the Commonwealth of Massachusetts, Enforcement Section of the Division, related to their investigation into whether the Firm's activities and conduct violated the Massachusetts Uniform Securities Act. The Enforcement Section alleged that during the time period of January 1, 2014 to June 30, 2016, the Firm failed to supervise its agents when it failed to review those agents' misleading communications with the public in connection with the purchase and sale of an agents' book of business. The Enforcement Section also alleged that the Firm failed to supervise its agents when such agent borrowed money from a client and lost that money in speculative trading for agents' own account. |
10(d)(2)(vi). The disposition of the proceeding | A fine in the amount of $100,000.00, payment of restitution to clients in the amount of $217,750.00, cease and desist, additional undertakings of employee training, and changes to policies and procedures. |
Entity information Related to item 10(d)(2) Record: 63
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 07/05/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Wyoming Secretary of State Compliance Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Wyoming residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $12,344.55, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 64
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 07/20/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Louisiana Office of Financial Institutions |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Louisiana residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $64,363.95, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 65
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 07/27/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Maryland Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Maryland residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $28,172.31, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 66
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 08/25/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Hawaii Department of Commerce and Consumer Affairs |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Hawaii residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $19,825.37, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 67
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 07/18/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | Montana Securities Department |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Montana residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $11,397.81, investigative costs of $29,112.18, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 68
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(d)(2)(iii). Date of Action | 12/21/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(d)(2)(v). Description of the Action | Without admitting or denying the findings, LPL Financial LLC ("The Firm") consented to the sanctions and to the entry of findings that it failed to maintain over 18.3 million electronic communications in non-erasable and no re-writable format, known as WORM ("write once, read many") format. The findings stated that the WORM format is intended to prevent the alteration or destruction of broker dealer records maintained on electronic storage media. In addition, the Firm failed to retain check registers in WORM format. The findings also stated that the Firm's written supervisory procedures failed to have an adequate supervisory process concerning WORM compliance. |
10(d)(2)(vi). The disposition of the proceeding | The firm was censured and fined $750,000.00. |
Entity information Related to item 10(d)(2) Record: 69
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(d)(2)(iii). Date of Action | 12/21/2016 |
10(d)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(d)(2)(v). Description of the Action | Without admitting or denying the findings, LPL Financial LLC ("The Firm") consented to the sanctions and to the entry of findings that it failed to send and create records that it had sent to customers, more than 1.6 million account notices required under Rule 17a-3(a)(17) of the Exchange Act. The Firm is required to send these account notices to customers at 36 month intervals for each account in which a suitability determination was made. Over a seven-year period, the Firm failed to send over 25 percent of the required notices. In addition, the Firm failed to establish, maintain, and enforce a supervisory system and written supervisory procedures reasonably designed to achieve compliance with applicable laws and regulations in relation to the creation and distribution of such account records. |
10(d)(2)(vi). The disposition of the proceeding | The firm was censured, fined $900,000.00, and consented to additional undertakings to review policies and procedures. |
Entity information Related to item 10(d)(2) Record: 70
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 01/27/2017 |
10(d)(2)(iv). The Court or body taking the Action and its location | Commonwealth of Massachusetts |
10(d)(2)(v). Description of the Action | The Firm entered into a Consent Order with the Commonwealth of Massachusetts, Enforcement Section of the Division, related to allegations that LPL advisor, Roger S. Zullo, fabricated the suitability profiles of numerous LPL clients, selling them scores of large, illiquid, unsuitable, high commission variable annuities, at substantial upfront profits to himself and LPL, in violation of Sections 101, 102, and 204(a)(2)(G) of the Act. The Enforcement Section further alleges that LPL failed in its responsibility to supervise Roger S. Zullo, in violation of Section 204(a)(2)(J). |
10(d)(2)(vi). The disposition of the proceeding | Cease and desist, censure, a fine in the amount of $975,000.00, additional undertakings, restitution and disgorgement to be determined based on results of LPL Financials investigation and accounting. |
Entity information Related to item 10(d)(2) Record: 71
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 04/26/2017 |
10(d)(2)(iv). The Court or body taking the Action and its location | State of Maine Office of Securities |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Maine residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $11,939.46, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 72
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 05/01/2017 |
10(d)(2)(iv). The Court or body taking the Action and its location | Vermont Securities Division |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Vermont residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $ 11,074.81, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(2) Record: 73
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 05/04/2017 |
10(d)(2)(iv). The Court or body taking the Action and its location | Massachusetts Securities Division |
10(d)(2)(v). Description of the Action | The Massachusetts Securities Division alleged that LPL Financial failed to supervise financial advisors located on credit union premises, including the supervision of certain compensation and certain aspects of disclosures related to its business conducted on the credit union premises. On May 2, 2017, LPL submitted an Offer of Settlement to the Division. LPL neither admitted nor denied the Statement of Facts and Violations of Law contained in the Consent Order related to an ongoing investigation by the Division's Registration, Inspections, Compliance and Examinations Section during the time period of December 27, 2011 to May 2, 2017. |
10(d)(2)(vi). The disposition of the proceeding | Cease and desist, censure, removal of the credit union's DBA name; a comprehensive review of the Firm's policies, procedures, training, and processes related to the allegations; certain undertakings, and pay a fine in the amount of $1,000,000. |
Entity information Related to item 10(d)(2) Record: 74
10(d)(2)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(2)(ii). Title of Action | Consent Order |
10(d)(2)(iii). Date of Action | 05/26/2017 |
10(d)(2)(iv). The Court or body taking the Action and its location | Virginia Division of Securities and Retail Franchising |
10(d)(2)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 21, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Virginia residents. |
10(d)(2)(vi). The disposition of the proceeding | Civil penalty in the amount of $28,095.38, cease and desist, offers of remediation, and undertakings. |
10(d)(3). ever found the applicant or control affiliate to have been a cause of an investment-related business having its authorization to do business Denied, suspended, revoked or restricted? | ![]() ![]() |
10(d)(4). in the past ten years entered an order against the applicant or control affiliate in connection with investment-related activity? | ![]() ![]() |
Entity information Related to item 10(d)(4) Record: 1
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: IC06-CAF-19 |
10(d)(4)(iii). Date of Action | 06/28/2006 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Texas |
10(d)(4)(v). Description of the Action | Involved allegations with LPL failed to timely update its Form BD to reflect the use of other business names in connection with securities activity by certain LPL branch offices in TX. |
10(d)(4)(vi). The disposition of the proceeding | The order resulted in a reprimand and a fine in the amount of $10,000.00. |
Entity information Related to item 10(d)(4) Record: 2
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: SEC-2009-46 |
10(d)(4)(iii). Date of Action | 10/26/2009 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Montana |
10(d)(4)(v). Description of the Action | Allegation that LPL failed to reasonably supervise a former registered representative. |
10(d)(4)(vi). The disposition of the proceeding | Consent order resulted in LPL agreeing to pay restitution of $1,144,416.51 and a fine to the State of MT of $150,000.00. |
Entity information Related to item 10(d)(4) Record: 3
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case No. 2010-AH-012 |
10(d)(4)(iii). Date of Action | 12/08/2009 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Kentucky |
10(d)(4)(v). Description of the Action | Allegation that LPL paid advisory compensation to a registered representative who was not qualified and was not registered as an investment advisor representative. |
10(d)(4)(vi). The disposition of the proceeding | $4,000.00 fine. |
Entity information Related to item 10(d)(4) Record: 4
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: 0800381 |
10(d)(4)(iii). Date of Action | 07/12/2010 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Illinois |
10(d)(4)(v). Description of the Action | Allegation that LPL failed to detect role of one of its former representatives in the sale of participations in oil and gas projects. |
10(d)(4)(vi). The disposition of the proceeding | Matter resulted in a $300,000.00 fine and restitution of $167,796.00. |
Entity information Related to item 10(d)(4) Record: 5
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: 1000096 |
10(d)(4)(iii). Date of Action | 10/24/2011 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Illinois |
10(d)(4)(v). Description of the Action | Allegation that LPL failed to supervise a former registered representative. |
10(d)(4)(vi). The disposition of the proceeding | Matter resulted in $1,885,000.00 restitution to customers. |
Entity information Related to item 10(d)(4) Record: 6
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: 2009-10-06 |
10(d)(4)(iii). Date of Action | 12/06/2011 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Pennsylvania |
10(d)(4)(v). Description of the Action | Allegation that LPL failed to supervise two former registered representatives. |
10(d)(4)(vi). The disposition of the proceeding | Matter resulted in $59,092.52 fine for investigative costs. |
Entity information Related to item 10(d)(4) Record: 7
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: S-07-0001-2 |
10(d)(4)(iii). Date of Action | 11/08/2011 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Oregon |
10(d)(4)(v). Description of the Action | Allegation that LPL failed to supervise a former OSJ manager's transactions. |
10(d)(4)(vi). The disposition of the proceeding | Matter resulted in $100,000.00 fine. |
Entity information Related to item 10(d)(4) Record: 8
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: AP-10-16 |
10(d)(4)(iii). Date of Action | 08/11/2010 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Missouri |
10(d)(4)(v). Description of the Action | Matter involved sale of variable annuity contract in which a registered representative allegedly misunderstood the contract's rider. |
10(d)(4)(vi). The disposition of the proceeding | Matter resulted in a censure and $37,540.00 in total for fine, restitution and interest. |
Entity information Related to item 10(d)(4) Record: 9
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case No. 2007-03-01 |
10(d)(4)(iii). Date of Action | 11/20/2007 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Pennsylvania |
10(d)(4)(v). Description of the Action | Allegations that at certain times between 1998 and 2006, LPL failed to maintain or enforce procedures reasonably designed to supervise one or more of its former registered representatives. |
10(d)(4)(vi). The disposition of the proceeding | The matter resulted in a $200,000.00 administrative assessment and $30,000.00 for investigative and legal costs. |
Entity information Related to item 10(d)(4) Record: 10
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: IC08-CAF-22 |
10(d)(4)(iii). Date of Action | 12/30/2008 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Texas |
10(d)(4)(v). Description of the Action | The state alleged that LPL failed to enforce its written procedures relating to the notification of a felony charge and Form U4 updates. |
10(d)(4)(vi). The disposition of the proceeding | Fine of $5,000.00. |
Entity information Related to item 10(d)(4) Record: 11
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: AP-13-21 |
10(d)(4)(iii). Date of Action | 12/17/2013 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Missouri |
10(d)(4)(v). Description of the Action | Allegation that LPL failed to supervise a former registered representative. |
10(d)(4)(vi). The disposition of the proceeding | Fine of $175,000.00 and payment of the cost of the investigation in the amount of $10,000.00. |
Entity information Related to item 10(d)(4) Record: 12
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: SEC-2012-144 |
10(d)(4)(iii). Date of Action | 11/04/2012 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Montana |
10(d)(4)(v). Description of the Action | Allegation that LPL failed to supervise a former registered representative. |
10(d)(4)(vi). The disposition of the proceeding | Fine of $10,000.00 and $20,500.00 in restitution to customers. |
Entity information Related to item 10(d)(4) Record: 13
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Docket/Case Number: 2012-0036 |
10(d)(4)(iii). Date of Action | 12/12/2012 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Massachusetts |
10(d)(4)(v). Description of the Action | Allegations of failure to supervise and train registered representatives in connection with the sale of non-traded REITS. |
10(d)(4)(vi). The disposition of the proceeding | Fine of $500,000.00 and restitution to certain customers. |
Entity information Related to item 10(d)(4) Record: 14
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | File No. 1200385 |
10(d)(4)(iii). Date of Action | 06/30/2014 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Illinois Securities Department |
10(d)(4)(v). Description of the Action | LPL submitted to a consent order with the Illinois Securities Department in connection with certain variable annuity exchange transactions, in particular, relating to its failure to adequately enforce supervisory procedures and maintain certain books and records required under Illinois law. |
10(d)(4)(vi). The disposition of the proceeding | LPL agreed to a censure, fine of $2,000,000.00 and restitution to impacted customers of approximately $800,000.00 |
Entity information Related to item 10(d)(4) Record: 15
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 09/04/2014 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Ohio Department of Insurance |
10(d)(4)(v). Description of the Action | LPL failed to report various regulatory actions to the Ohio Department of Insurance within 30 days. |
10(d)(4)(vi). The disposition of the proceeding | $800.00 fine and investigative costs of $200.00. |
Entity information Related to item 10(d)(4) Record: 16
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | File No. 1200385 |
10(d)(4)(iii). Date of Action | 10/31/2014 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Illinois Securities Department |
10(d)(4)(v). Description of the Action | LPL Financial failed to detect improper and fraudulent conduct on the part of David Lisnek toward his LPL clients. LPL Financial allowed Mr. Lisnek to remain a registered representative while several facts, viewed together as a pattern of conduct, would have constituted multiple cautionary indicators of the potential for improper conduct. |
10(d)(4)(vi). The disposition of the proceeding | Fine of $500,000.00 and restitution in the amount of $315,218.00. |
Entity information Related to item 10(d)(4) Record: 17
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 07/14/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Massachusetts Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that it did not establish, maintain, or enforce adequate procedures to review senior-specific titles for compliance with the Commonwealth's Senior Designations Regulations adopted June 1, 2007. As a result, LPL allowed its broker-dealer agents and investment adviser representatives to use prohibited senior-specific designations. |
10(d)(4)(vi). The disposition of the proceeding | Censure, undertakings, cease and desist, and a fine in the amount of $250,000.00. |
Entity information Related to item 10(d)(4) Record: 18
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Stipulation and Consent |
10(d)(4)(iii). Date of Action | 07/31/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Florida Office of Financial Regulation |
10(d)(4)(v). Description of the Action | LPL consented to the sanctions and the entry of the findings that from September 2009 to September 2013, LPL allowed one of its registered representatives to engage in investment advisory business from an office in the State of Florida without being lawfully registered in Florida. |
10(d)(4)(vi). The disposition of the proceeding | Cease and desist and a fine in the amount of $10,000.00. |
Entity information Related to item 10(d)(4) Record: 19
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 09/22/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Delaware Investor Protection Unit |
10(d)(4)(v). Description of the Action | LPL consented to the sanctions and the entry of findings that LPL failed to ensure that its financial advisors understood and explained the unique risks, failed to enforce its warning and fine system with regard to its leveraged ETFs concentration limits, and failed to adequately monitor and ensure the monitoring of client holding periods, all of which constitute a failure to supervise. |
10(d)(4)(vi). The disposition of the proceeding | Fine in the amount of $50,000, restitution in the amount of $150,000.00, and undertakings. |
Entity information Related to item 10(d)(4) Record: 20
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 10/01/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Nevada Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the sanctions and the entry of findings that from January 1, 2008 through December 31, 2013, LPL offered multiple non-traded REITs that were sold in excess of the REIT's prospectus standards, various state concentration limits, or its own alternative investment guidelines. LPL failed to implement an adequate supervisory system that was reasonably designed to achieve compliance with NAC 90.321. LPL also failed to enforce its written procedures to supervise the activities of its registered representatives in violation of NAC 90.321. |
10(d)(4)(vi). The disposition of the proceeding | Fine of $21,202.19 and reimbursement of $19,676.00 for investigation costs to Nevada, reimbursement of $35,000.00 for investigation costs to NASAA, censure, restitution, cease and desist, and undertakings. |
Entity information Related to item 10(d)(4) Record: 21
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Assurance of Discontinuance |
10(d)(4)(iii). Date of Action | 09/15/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Commonwealth of Massachusetts |
10(d)(4)(v). Description of the Action | LPL consented to the sanctions and the entry of findings that LPL offered leveraged ETFs without monitoring and systematically reviewing the length of time its clients held leveraged ETFs. LPL provided insufficient training materials to financial advisors and failed to identify and examine potential issues concerning the suitability of leveraged ETF exposure. Moreover, LPL did not consistently adhere to its policy of imposing fines on LPL financial advisors who exceeded this concentration limit. |
10(d)(4)(vi). The disposition of the proceeding | Fine in the amount of $200,000.00, restitution in the amount of $1,600,000.00, and undertakings. |
Entity information Related to item 10(d)(4) Record: 22
10(d)(4)(i). The individuals named in the Action | LPL Financial |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 11/04/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Ohio Department of Insurance |
10(d)(4)(v). Description of the Action | LPL consented to the allegations that it violated Ohio statute 3905.22 by failing to timely report a regulatory action taken by the state of New Hampshire dated April 6, 2015. |
10(d)(4)(vi). The disposition of the proceeding | Civil fine in the amount of $1,800.00 and administrative costs of $200.00. |
Entity information Related to item 10(d)(4) Record: 23
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Administrative Consent Order |
10(d)(4)(iii). Date of Action | 11/24/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Mississippi Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Mississippi residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $19,253.45, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 24
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 11/23/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Commonwealth of Puerto Rico |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Puerto Rico residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $10,125.11, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 25
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 11/30/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Pennsylvania Department of Banking and Securities |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Pennsylvania residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $26,110.92, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 26
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 11/24/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | New Mexico Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to New Mexico residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $11,528.48, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 27
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 11/30/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | South Dakota Division of Securities |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to South Dakota residents. The Firm received a copy of the final Consent Order on November 30, 2015. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $12,500.70, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 28
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 11/24/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Indiana Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Indiana residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $19,041.63 and reimbursement of $35,000 for investigation costs to NASAA, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 29
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Stipulation and Consent Order |
10(d)(4)(iii). Date of Action | 12/03/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Utah Division of Securities |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Utah residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $18,293.16, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 30
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 12/03/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Missouri Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Missouri residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $38,522.75, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 31
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 12/01/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Texas State Securities Board |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Texas residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $110,855.07, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 32
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent To Order |
10(d)(4)(iii). Date of Action | 12/03/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Alaska Division of Banking and Securitie |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Alaska residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $10,570.45, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 33
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Stipulation for Consent Order |
10(d)(4)(iii). Date of Action | 12/30/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Colorado Division of Securities |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Colorado residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $40,183.94, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 34
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Stipulation and Consent Agreement |
10(d)(4)(iii). Date of Action | 12/30/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Florida Office of Financial Regulation |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Florida residents. |
10(d)(4)(vi). The disposition of the proceeding | Administrative fine in the amount of $50,555.39, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 35
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 01/08/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Georgia Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Georgia residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $28,021.63, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 36
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 12/21/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Idaho Department of Finance |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Idaho residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $17,738.18, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 37
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 01/05/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Iowa Insurance Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Iowa residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $16,638.57, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 38
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 12/21/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Michigan Department of Licensing and Regulatory Affairs |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Michigan residents. The Consent Order was issued and entered by Michigan on December 21, 2015. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $38,133.80, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 39
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 12/23/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Minnesota Department of Commerce |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Minnesota residents. The Firm received a copy of the final Consent Order on December 23, 2015. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $41,209.74, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 40
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 12/29/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | Nebraska Department of Banking & Finance |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Nebraska residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $16,736.07, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 41
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 12/15/2015 |
10(d)(4)(iv). The Court or body taking the Action and its location | New Hampshire Bureau of Securities Regulation |
10(d)(4)(v). Description of the Action | Without admitting or denying the facts or allegations, LPL consented to the findings that LPL failed to implement an adequate supervisory system and enforce its written procedures regarding the sale of non-traded REITs to New Hampshire residents. |
10(d)(4)(vi). The disposition of the proceeding | Pay an administrative fine of $250,000.00, the Bureau's costs of $250,000.00, and a contribution to the investor education fund of $250,000.00, offer remediation, undertakings, and cease and desist from any further violations. |
Entity information Related to item 10(d)(4) Record: 42
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Administrative Consent Order |
10(d)(4)(iii). Date of Action | 01/29/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | California Department of Business Oversight |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to California residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $140,220.11, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 43
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 01/15/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Washington Department of Financial Institutions Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Washington residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $65,766.07, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 44
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 02/09/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Alabama Securities Commission |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Alabama residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $18,267.52, of which $8,267.52 represents partial reimbursement for the Commission's cost for investigating this matter, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 45
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 02/09/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | North Dakota Securities Department |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to North Dakota residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $11,012.50, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 46
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 02/18/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Texas State Securities Board |
10(d)(4)(v). Description of the Action | In May 2015, the Staff of the Texas Securities Board initiated an investigation into LPL's Financial Statement Reviews for agents registered with the Texas Securities Commission. In certain instances, during the relevant periods of January 2011 through September 2011 and June 2014 through December 2014, the Financial Statement Reviews were not conducted in accordance with LPL's written supervisory procedures. |
10(d)(4)(vi). The disposition of the proceeding | LPL consented to the entry of the order, an administrative fine in the amount of $95,000.00, and undertakings. |
Entity information Related to item 10(d)(4) Record: 47
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 02/19/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Washington Insurance Commissioner |
10(d)(4)(v). Description of the Action | LPL consented to the entry of a consent order with the Insurance Commissioner of the state of Washington, after its investigation into the conduct of a non-resident insurance producer after receiving a complaint from an insured alleging that he misrepresented the benefits and suitability of an annuity. More than one of the insurance producers' violations were known or should have been known by one or more individuals acting on behalf of LPL, and LPL neither reported the violations nor took corrective action. |
10(d)(4)(vi). The disposition of the proceeding | LPL paid a fine in the amount of $2,000.00. |
Entity information Related to item 10(d)(4) Record: 48
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 02/26/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Office of the Kansas Securities Commissioner |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Kansas residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $16,182.86, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 49
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Administrative Consent Order |
10(d)(4)(iii). Date of Action | 02/29/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Kentucky Department of Financial Institutions |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Kentucky residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $22,841.84, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 50
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 03/02/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Wisconsin Division of Securities |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Wisconsin residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $25,928.70, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 51
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 03/04/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Tennessee Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Tennessee residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $33,714.11, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 52
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 03/11/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | U.S. Virgin Islands Division of Banking and Insurance |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to U.S. Virgin Islands residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $10,013.22, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 53
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 03/14/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Ohio Division of Securities |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Ohio residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $35,522.13, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 54
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 03/30/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | South Carolina Securities Commission |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to South Carolina residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $80,000.00, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 55
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 04/26/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Arkansas Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Arkansas residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $19,347.74, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 56
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 04/29/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Oregon Division of Financial Regulation |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Oregon residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $24,642.20, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 57
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 05/03/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Oklahoma Department of Securities |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Oklahoma residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $21,245.14, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 58
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 06/30/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Commonwealth of Massachusetts |
10(d)(4)(v). Description of the Action | The Firm entered into a Consent Order with the Commonwealth of Massachusetts, Enforcement Section of the Division, related to their investigation into whether the Firm's activities and conduct violated the Massachusetts Uniform Securities Act. The Enforcement Section alleged that during the time period of January 1, 2014 to June 30, 2016, the Firm failed to supervise its agents when it failed to review those agents' misleading communications with the public in connection with the purchase and sale of an agents' book of business. The Enforcement Section also alleged that the Firm failed to supervise its agents when such agent borrowed money from a client and lost that money in speculative trading for agents' own account. |
10(d)(4)(vi). The disposition of the proceeding | A fine in the amount of $100,000.00, payment of restitution to clients in the amount of $217,750.00, cease and desist, additional undertakings of employee training, and changes to policies and procedures. |
Entity information Related to item 10(d)(4) Record: 59
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 07/05/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Wyoming Secretary of State Compliance Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Wyoming residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $12,344.55, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 60
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 07/20/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Louisiana Office of Financial Institutions |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Louisiana residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $64,363.95, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 61
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 07/27/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Maryland Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Maryland residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $28,172.31, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 62
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 08/25/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Hawaii Department of Commerce and Consumer Affairs |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31,2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Hawaii residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $19,825.37, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 63
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 07/18/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | Montana Securities Department |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Montana residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $11,397.81, investigative costs of $29,112.18, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 64
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Acceptance, Waiver and Consent |
10(d)(4)(iii). Date of Action | 12/21/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | FINRA |
10(d)(4)(v). Description of the Action | Without admitting or denying the findings, LPL Financial LLC ("The Firm") consented to the sanctions and to the entry of findings that it failed to maintain over 18.3 million electronic communications in non-erasable and no re-writable format, known as WORM ("write once, read many") format. The findings stated that the WORM format is intended to prevent the alteration or destruction of broker dealer records maintained on electronic storage media. In addition, the Firm failed to retain check registers in WORM format. The findings also stated that the Firm's written supervisory procedures failed to have an adequate supervisory process concerning WORM compliance. |
10(d)(4)(vi). The disposition of the proceeding | The firm was censured and fined $750,000.00. |
Entity information Related to item 10(d)(4) Record: 65
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Acceptance, Waiver and Consent |
10(d)(4)(iii). Date of Action | 12/21/2016 |
10(d)(4)(iv). The Court or body taking the Action and its location | FINRA |
10(d)(4)(v). Description of the Action | Without admitting or denying the findings, LPL Financial LLC ("The Firm") consented to the sanctions and to the entry of findings that it failed to send and create records that it had sent to customers, more than 1.6 million account notices required under Rule 17a-3(a)(17) of the Exchange Act. The Firm is required to send these account notices to customers at 36 month intervals for each account in which a suitability determination was made. Over a seven-year period, the Firm failed to send over 25 percent of the required notices. In addition, the Firm failed to establish, maintain, and enforce a supervisory system and written supervisory procedures reasonably designed to achieve compliance with applicable laws and regulations in relation to the creation and distribution of such account records. |
10(d)(4)(vi). The disposition of the proceeding | The firm was censured, fined $900,000.00, and consented to additional undertakings to review policies and procedures. |
Entity information Related to item 10(d)(4) Record: 66
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 01/27/2017 |
10(d)(4)(iv). The Court or body taking the Action and its location | Commonwealth of Massachusetts |
10(d)(4)(v). Description of the Action | The Firm entered into a Consent Order with the Commonwealth of Massachusetts, Enforcement Section of the Division, related to allegations that LPL advisor, Roger S. Zullo, fabricated the suitability profiles of numerous LPL clients, selling them scores of large, illiquid, unsuitable, high commission variable annuities, at substantial upfront profits to himself and LPL, in violation of Sections 101, 102, and 204(a)(2)(G) of the Act. The Enforcement Section further alleges that LPL failed in its responsibility to supervise Roger S. Zullo, in violation of Section 204(a)(2)(J). |
10(d)(4)(vi). The disposition of the proceeding | Cease and desist, censure, a fine in the amount of $975,000.00, additional undertakings, restitution and disgorgement to be determined based on results of LPL Financials investigation and accounting. |
Entity information Related to item 10(d)(4) Record: 67
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 04/26/2017 |
10(d)(4)(iv). The Court or body taking the Action and its location | State of Maine Office of Securities |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Maine residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $11,939.46, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 68
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 05/01/2017 |
10(d)(4)(iv). The Court or body taking the Action and its location | Vermont Securities Division |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 31, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Vermont residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $ 11,074.81, cease and desist, offers of remediation, and undertakings. |
Entity information Related to item 10(d)(4) Record: 69
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 05/04/2017 |
10(d)(4)(iv). The Court or body taking the Action and its location | Massachusetts Securities Division |
10(d)(4)(v). Description of the Action | The Massachusetts Securities Division alleged that LPL Financial failed to supervise financial advisors located on credit union premises, including the supervision of certain compensation and certain aspects of disclosures related to its business conducted on the credit union premises. On May 2, 2017, LPL submitted an Offer of Settlement to the Division. LPL neither admitted nor denied the Statement of Facts and Violations of Law contained in the Consent Order related to an ongoing investigation by the Division's Registration, Inspections, Compliance and Examinations Section during the time period of December 27, 2011 to May 2, 2017. |
10(d)(4)(vi). The disposition of the proceeding | Cease and desist, censure, removal of the credit union's DBA name; a comprehensive review of the Firm's policies, procedures, training, and processes related to the allegations; certain undertakings, and pay a fine in the amount of $1,000,000. |
Entity information Related to item 10(d)(4) Record: 70
10(d)(4)(i). The individuals named in the Action | LPL Financial LLC |
10(d)(4)(ii). Title of Action | Consent Order |
10(d)(4)(iii). Date of Action | 05/26/2017 |
10(d)(4)(iv). The Court or body taking the Action and its location | Virginia Division of Securities and Retail Franchising |
10(d)(4)(v). Description of the Action | LPL consented to the findings that from January 1, 2008 through December 21, 2013, it failed to implement an adequate supervisory system regarding its sales of non-traded REITs and failed to enforce its written procedures regarding the sale of non-traded REITs to Virginia residents. |
10(d)(4)(vi). The disposition of the proceeding | Civil penalty in the amount of $28,095.38, cease and desist, offers of remediation, and undertakings. |
10(d)(5). ever denied, suspended, or revoked applicant’s or control affiliate’s registration or license, or prevented it from associating with an investment-related business, or otherwise disciplined it by restricting its activities? | ![]() ![]() |
Entity information Related to item 10(d)(5) Record: 1
10(d)(5)(i). The individuals named in the Action | LPL Financial |
10(d)(5)(ii). Title of Action | Order of Revocation |
10(d)(5)(iii). Date of Action | 02/13/2015 |
10(d)(5)(iv). The Court or body taking the Action and its location | State of Ohio Department of Insurance |
10(d)(5)(v). Description of the Action | On or about September 4, 2014, LPL entered into a Consent Agreement with the Ohio Department of Insurance regarding the reporting of various administrative actions on its license. Pursuant to the agreement, LPL was required to pay a civil penalty and administrative costs. LPL failed to comply with the order in paying the civil penalty and administrative costs. On February 27, 2015, the Ohio Department of Insurance issued an order vacating the prior Order of Revocation entered on February 13, 2015. |
10(d)(5)(vi). The disposition of the proceeding | LPL did not receive the invoice for the $1,000 civil penalty and administrative costs. When the Firm became aware of the Order of Revocation, the monetary penalty was paid promptly and the Firm's license was reinstated on February 27, 2015. |
10(d)(6). ever revoked or suspended the applicant’s or a control affiliate’s license as an attorney or accountant? | ![]() ![]() |
10(e)(1). found the applicant or a control affiliate to have made a false statement or omission? | ![]() ![]() |
Entity information Related to item 10(e)(1) Record: 1
10(e)(1)(i). The individuals named in the Action | LPL Financial |
10(e)(1)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(1)(iii). Date of Action | 05/21/2013 |
10(e)(1)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(1)(v). Description of the Action | The matter involved inadequate e-mail supervision and allegations of misstatements regarding the chronology of events concerning the LPL's discovery of the issue. |
10(e)(1)(vi). The disposition of the proceeding | Fine of $7,500,000.00. |
10(e)(2). found the applicant or a control affiliate to have been involved in a violation of its rules? | ![]() ![]() |
Entity information Related to item 10(e)(2) Record: 1
10(e)(2)(i). The individuals named in the Action | PLFS (N/K/A LPL Financial) |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 06/04/1980 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD District 2 Business Conduct Committee |
10(e)(2)(v). Description of the Action | Allegations involved failure to supervise a branch office for use of stationary and business cards, failure to use appropriate signage and a listing in a phone directory. |
10(e)(2)(vi). The disposition of the proceeding | Fine of $500.00. |
Entity information Related to item 10(e)(2) Record: 2
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 02/13/2003 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | The matter arose out of a representatives' unauthorized participation in and postings on electronic bulletin boards. |
10(e)(2)(vi). The disposition of the proceeding | The AWC resulted in a fine of $5,000.00 and an undertaking to revise LPL's written supervisory procedures concerning communications with the public via electronic media. |
Entity information Related to item 10(e)(2) Record: 3
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 03/27/2003 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | The matter arose from an error in reporting 23 transactions in FIPS securities within five minutes after execution. |
10(e)(2)(vi). The disposition of the proceeding | The AWC resulted in a fine of $5,000.00. |
Entity information Related to item 10(e)(2) Record: 4
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 02/12/2004 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | Action involved allegations related to application of mutual breakpoints for eligible customers on purchases of front-end load mutual funds. |
10(e)(2)(vi). The disposition of the proceeding | LPL was censured and fined $2,232,805.00 and made various other undertakings to the NASD. |
Entity information Related to item 10(e)(2) Record: 5
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 10/11/2004 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | The matter involved allegations related to two municipal bond liquidations. |
10(e)(2)(vi). The disposition of the proceeding | AWC resulted in censure and fine of $5,000.00, restitution of $4,662.00, and undertaking to review written supervisory procedures related to determining FMV of municipal securities. |
Entity information Related to item 10(e)(2) Record: 6
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 11/30/2004 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | The matter arose out of LPL's alleged late filing of amendments to Forms U4 and Forms U5 from January 2002 through March 2004. |
10(e)(2)(vi). The disposition of the proceeding | The AWC resulted in a censure, fine in the amount of $450,000.00 and various undertakings by LPL. |
Entity information Related to item 10(e)(2) Record: 7
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 06/08/2005 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | The matter arose out of LPL's acceptance of directed brokerage payments from mutual fund companies. |
10(e)(2)(vi). The disposition of the proceeding | The AWC resulted in a fine of $3,602,398.00. |
Entity information Related to item 10(e)(2) Record: 8
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 11/14/2005 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | Allegations that LPL failed to establish, maintain and enforce reasonable system of procedures to supervise activities of registered persons in connection with wire transfers. |
10(e)(2)(vi). The disposition of the proceeding | AWC resulted in a censure and fine of $75,000.00. |
Entity information Related to item 10(e)(2) Record: 9
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 12/19/2005 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | Matter arose out of allegations related to recommendations to customers for the purchase of mutual fund Class B and C shares. |
10(e)(2)(vi). The disposition of the proceeding | The AWC resulted in a fine of $2,400,000.00. |
Entity information Related to item 10(e)(2) Record: 10
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 01/06/2006 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | The matter arose out of allegations related to violations of NASD rules regarding the termination of research coverage of subject companies. |
10(e)(2)(vi). The disposition of the proceeding | The matter resulted in a fine of $5,000.00. |
Entity information Related to item 10(e)(2) Record: 11
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 12/21/2006 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | Allegations were that during a period, LPL failed to establish, maintain and enforce adequate supervisory systems related to variable annuity exchanges. |
10(e)(2)(vi). The disposition of the proceeding | The AWC resulted in various undertakings by LPL. |
Entity information Related to item 10(e)(2) Record: 12
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 04/17/2007 |
10(e)(2)(iv). The Court or body taking the Action and its location | NASD |
10(e)(2)(v). Description of the Action | Allegations that LPL failed to timely amend a representative's Form U4 with material information. |
10(e)(2)(vi). The disposition of the proceeding | The AWC resulted in a fine of $5,000.00. |
Entity information Related to item 10(e)(2) Record: 13
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 09/04/2009 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations involved failure to comply with MSRB Rule G-14. |
10(e)(2)(vi). The disposition of the proceeding | AWC resulted in a fine to LPL of $5,000.00. |
Entity information Related to item 10(e)(2) Record: 14
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 01/20/2011 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations involved review of e-mails. |
10(e)(2)(vi). The disposition of the proceeding | Resulted in a censure and fine of $100,000.00. |
Entity information Related to item 10(e)(2) Record: 15
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 01/20/2011 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations involved review of procedures on transmittal of cash and securities from customer accounts to third-party accounts. |
10(e)(2)(vi). The disposition of the proceeding | Resulted in a censure and fine of $100,000.00. |
Entity information Related to item 10(e)(2) Record: 16
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 01/06/2011 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations that LPL did not use reasonable diligence to ascertain best inter-dealer market and failed to buy or sell in such market so that the resulting price to customers was as favorable as possible. |
10(e)(2)(vi). The disposition of the proceeding | Resulted in a censure and fine of $20,000.00. |
Entity information Related to item 10(e)(2) Record: 17
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 12/22/2010 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations involved procedures on supervision of variable annuity exchanges. |
10(e)(2)(vi). The disposition of the proceeding | Resulted in a censure and fine of $175,000.00. |
Entity information Related to item 10(e)(2) Record: 18
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 06/03/2008 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations involved failure to supervise a former registered representative in connection with his/her use of investment strategies, marketing materials and the appropriateness of investments. |
10(e)(2)(vi). The disposition of the proceeding | Resulted in a censure and fine of $125,000.00. |
Entity information Related to item 10(e)(2) Record: 19
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 06/08/2011 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations involved procedures on supervision of advertising and public appearances. |
10(e)(2)(vi). The disposition of the proceeding | AWC resulted in a fine of $25,000.00. |
Entity information Related to item 10(e)(2) Record: 20
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 06/26/2012 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations of trade reporting violations. |
10(e)(2)(vi). The disposition of the proceeding | Matter resulted in censure and $17,000.00 fine. |
Entity information Related to item 10(e)(2) Record: 21
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 07/26/2011 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations of trade reporting violations. |
10(e)(2)(vi). The disposition of the proceeding | Matter resulted in censure and $22,500.00 fine. |
Entity information Related to item 10(e)(2) Record: 22
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 05/21/2013 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | The matter involved inadequate e-mail supervision and allegations of misstatements regarding the chronology of events concerning the LPL's discovery of the issue. |
10(e)(2)(vi). The disposition of the proceeding | Fine of $7,500,000.00. |
Entity information Related to item 10(e)(2) Record: 23
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 05/16/2013 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | The action arose from allegations of charging commissions that were not fair and reasonable on certain corporate and municipal bonds. |
10(e)(2)(vi). The disposition of the proceeding | Fine of $60,000.00. |
Entity information Related to item 10(e)(2) Record: 24
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 12/31/2012 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Allegations of inadequate supervision of mutual fund prospectus delivery to customers. |
10(e)(2)(vi). The disposition of the proceeding | Fine of $400,000.00. |
Entity information Related to item 10(e)(2) Record: 25
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 05/06/2015 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Beginning in 2007, LPL pursued a strategy of significantly increasing the size of the Firm but LPL did not accompany this rapid growth with a concomitant dedication of sufficient resources to permit the Firm to meet its supervisory obligations. As a result, the Firm failed to have adequate systems and procedures in place to supervise certain aspects of its business. Examples of the alleged failures stemming from these allegations are set forth in the AWC, number 2013035109701. |
10(e)(2)(vi). The disposition of the proceeding | $10,000,000 fine, undertakings, and restitution to certain customers. |
Entity information Related to item 10(e)(2) Record: 26
10(e)(2)(i). The individuals named in the Action | LPL Financial |
10(e)(2)(ii). Title of Action | Acceptance, Waiver and Consent |
10(e)(2)(iii). Date of Action | 07/06/2015 |
10(e)(2)(iv). The Court or body taking the Action and its location | FINRA |
10(e)(2)(v). Description of the Action | Without admitting or denying the findings, the Firm consented to the sanctions and to the entry of findings that it disadvantaged certain retirement plan and charitable organization customers who were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings stated that these customers were instead sold Class A shares with a front-end sales charge or a Class B or C shares with back-end sales charges and higher ongoing fees and expenses. These sales disadvantaged customers by causing them to pay higher fees than they were actually required to pay. The findings also stated that the Firm has failed to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. The Firm also failed to adopt any controls to detect instances in which the Firm did not provide sales charge waivers to customers in connection with their mutual fund purchases. |
10(e)(2)(vi). The disposition of the proceeding | Censure, undertakings, and $5.72 million in restitution to customers. |
10(e)(3). found the applicant or a control affiliate to have been the cause of an investment-related business losing its authorization to do business? | ![]() ![]() |
10(e)(4). disciplined the applicant or a control affiliate by expelling or suspending it from membership, by barring or suspending its association with other members, or by otherwise restricting its activities? | ![]() ![]() |
10(f). Has any foreign government, court, regulatory agency or exchange ever entered an order against the applicant or a control affiliate related to investments or fraud? | ![]() ![]() |
10(g). Is the applicant or a control affiliate now the subject of a proceeding that could result in a yes answer for questions 10(a) – 10(f) ? | ![]() ![]() |
10(h). Has a bonding company denied, paid out on, or revoked a bond for the applicant or a control affiliate? | ![]() ![]() |
Entity information Related to item 10(h) Record: 1
10(h)(i). The individuals named in the Action | N/A |
10(h)(ii). Title of Action | N/A |
10(h)(iii). Date of Action | 12/01/1989 |
10(h)(iv). The Court or body taking the Action and its location | N/A |
10(h)(v). Description of the Action | A claim for recovery of corporate funds embezzled by a former employee (not securities licensed) in the Private Ledger Financial Services Accounting Department. |
10(h)(vi). The disposition of the proceeding | Claim was paid in late 1989 by the National Union Fire Insurance Company. |
Entity information Related to item 10(h) Record: 2
10(h)(i). The individuals named in the Action | N/A |
10(h)(ii). Title of Action | N/A |
10(h)(iii). Date of Action | 12/01/2006 |
10(h)(iv). The Court or body taking the Action and its location | N/A |
10(h)(v). Description of the Action | Claim for misappropriation of funds by a former registered representative. |
10(h)(vi). The disposition of the proceeding | Claim was paid during 2004 through 2006 by Zurich American. |
Entity information Related to item 10(h) Record: 3
10(h)(i). The individuals named in the Action | N/A |
10(h)(ii). Title of Action | N/A |
10(h)(iii). Date of Action | 07/27/2007 |
10(h)(iv). The Court or body taking the Action and its location | N/A |
10(h)(v). Description of the Action | Claim for misappropriation of funds by a former registered representative. |
10(h)(vi). The disposition of the proceeding | Claim of $50,000.00 was paid on July 27, 2007 by Zurich American. |
Entity information Related to item 10(h) Record: 4
10(h)(i). The individuals named in the Action | N/A |
10(h)(ii). Title of Action | N/A |
10(h)(iii). Date of Action | 11/02/2011 |
10(h)(iv). The Court or body taking the Action and its location | N/A |
10(h)(v). Description of the Action | Indemnification payments received from fidelity bond carrier. Claims arising from payments made by individuals to a former registered representative. |
10(h)(vi). The disposition of the proceeding | Payments totaling $1,279,433.79. Dates of payments: August 31, 2009 - $1,080,233.79; July 20, 2010 - $14,000.00 and; November 2, 2011 - $185,200.00. |
Entity information Related to item 10(h) Record: 5
10(h)(i). The individuals named in the Action | N/A |
10(h)(ii). Title of Action | N/A |
10(h)(iii). Date of Action | 10/18/2011 |
10(h)(iv). The Court or body taking the Action and its location | N/A |
10(h)(v). Description of the Action | Issue related to non-payment of funds loaned to a former registered representative. |
10(h)(vi). The disposition of the proceeding | $2,000,000.00 claim paid. |
Entity information Related to item 10(h) Record: 6
10(h)(i). The individuals named in the Action | N/A |
10(h)(ii). Title of Action | N/A |
10(h)(iii). Date of Action | 11/05/2013 |
10(h)(iv). The Court or body taking the Action and its location | N/A |
10(h)(v). Description of the Action | Claim for misappropriation of funds by a former registered representative. |
10(h)(vi). The disposition of the proceeding | $1,300,000.00 claim paid. |
10(i). Does the applicant or a control affiliate have any unsatisfied judgments or liens against it? | ![]() ![]() |
TA-1/A : Signature
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a) SIGNATURE: The registrant submitting this form, and as required, the SEC supplement and Schedules A-D, And the executing official hereby represent that all the information contained herein is true, correct and complete.11(a). Signature of Official responsible for Form: | Steve Morrison |
11(b). Telephone Number: | 617-897-4095 |
11(c). Title of Signing Officer: | SVP, Associate Counsel |
11(d). Date Signed (Month/Day/Year): | 06/13/2017 |