Securities Arbitration Lawyers BlogFINRA Levies $250,000 Fine Against LPL Financial
FINRA also orders cease and desist after failure to abide by Massachusetts state regulation on senior financial designations
FINRA fined LPL Financial LLC a total of $250,000 on July 10 after allegations that the firm failed to establish or enforce supervisory procedures that complied with Massachusetts’ regulations. The regulations in question went into effect in 2007 and concern the use of “senior-specific” titles in the securities industry.
The regulation in question states that a broker may only use a title suggesting that he or she is specially trained to work with investors aged 65 or older if the broker has legitimate accreditation recognized by the Secretary of the Commonwealth of Massachusetts.