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

May 6, 2015 1:58 PM

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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.

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