LPL to pay $11.7 mln sanction for "widespread" supervision failures-FINRA

May 6, 2015 1:58 PM

50 0

May 6 (Reuters) - LPL Financial Holdings Inc must pay $11.7 million for "widespread supervisory failures," including sales of a risky type of exchange traded fund and other complex securities, the Wall Street's industry-funded watchdog said on Wednesday.

The "supervisory breakdowns" also included the firm's lax surveillance of trading in customer accounts, the Financial Industry Regulatory Authority (FINRA) said.

Also read: Bank Leumi to pay $1.6 million over 'unregistered' cross-border business

Read more

To category page