Finra settlement also includes $780,000 in restitution to 22 clients who borrowed against their accounts to invest in Puerto Rico securities. <b><i>(More: <a href="http://www.investmentnews.com/article/20161003/FREE/161009993/massachusetts-charges-morgan-stanley-over-unethical-sales-contest""" target=""_blank"" rel="noopener noreferrer">Massachusetts charges Morgan Stanley over unethical sales contest</a>)</b></i>
Taking $2.6 billion in assets with him, Carson is second prominent adviser to leave LPL this month. <b><i>(More: <a href=""" target=""_blank"" rel="noopener noreferrer">Carson on why we're on the eve of massive disruption in financial services</a>)</i></b>
During one nine-month period, the firm failed to deliver close to 2.1 million prospectuses to online customers because of a missing hyperlink.
President-elect's soft stance on regulation seen as a plus for LPL, Raymond James, Bank of America Merrill Lynch, Morgan Stanley and others.
Firm executives would not comment during its earnings call on a report that emerged last month that it was exploring a sale.
Ruling could have implications for other advisers in independent broker-dealer channel.
Investment bank called in to evaluate what LPL considered a low-ball offer, sources said. (Related read: <a href=""" target="”blank"" rel="noopener noreferrer">LPL Financial's problems keep piling up</a>)
Wirehouse says Sandy Galuppo, who reportedly had $1.4 billion in client assets, had lost management's confidence.
Fair compensation for women in the financial services industry remains a sore point.
Executive has been listening to advisers' worries for months, and finds serious confusion remains about responsibilities under the new regulation.
