FINRA slammed LPL Financial with a $950,000 fine for alleged supervisory deficiencies regarding alternative investments, the regulator announced Monday.

FINRA found that from Jan. 1, 2008 to July 1, 2012, LPL failed to have a reasonable supervisory system and procedures in place to determine whether purchases of alternatives would cause a customer’s account to be unsuitably concentrated in those investments.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access