Finra fines LPL $3M for failing to detect wire transfers that harmed clients
One broker used client funds to pay expenses, while another used client cash to buy real estate.
The Financial Industry Regulatory Authority Inc. Tuesday fined LPL Financial $3 million for falling down on its oversight of two financial advisors who pocketed $2.4 million from 13 clients, mostly senior citizens.
The two advisors, who are not named in the Finra settlement, from May 2018 to Aug
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