Former LPL broker suspended for supervisory failure, Finra says

Former LPL broker suspended for supervisory failure, Finra says
Peter Neuberg agreed to a six-month suspension and $15,000 fine.
JUN 22, 2016
A former LPL Financial broker and supervisor has consented to a six-month suspension and a $15,000 fine after failing to reasonably supervise a registered representative, according to the Financial Industry Regulatory Authority Inc. Peter Neuberg stopped regularly reviewing paperwork prepared by the rep, who altered documents relating to customer accounts, including reusing signatures from previously completed forms, according to an enforcement document Finra signed Monday. Mr. Neuberg agreed to the suspension and fine without admitting or denying the findings. The supervisory failure of his assistant occurred from September 2011 to June 2012, according to Finra. Mr. Neuberg was registered with LPL in Parsippany, N.J., from November 2000 to September 2012, before registering at BCG Securities Inc., BrokerCheck shows. LPL discharged him due to allegations he violated the firm's signature policy. The person under Mr. Neuberg's supervision falsified documents to expedite transactions as an accommodation to customers, according to Finra's enforcement document. He failed to make a reasonable inquiry or conduct a review of the files she handled, even after she asked whether she was allowed to use white-out on customer documents around December 2011. Mr. Neuberg also failed to train her properly, according to Finra. As part of his settlement, Mr. Neuberg must re-qualify as a "general securities principal" by passing the Series 24 examination before associating with any Finra member firm after his suspension. Mr. Neuberg could not be reached for comment. Adam Paglione, chief compliance officer at BCG Securities in Cherry Hill, N.J., didn't immediately return a phone call seeking comment. Lauren Hoyt-Williams, a spokeswoman for LPL, declined to comment.

Latest News

SEC fines Zoe Financial $450K over undisclosed referral conflict
SEC fines Zoe Financial $450K over undisclosed referral conflict

Salespeople at the firm often went beyond the matching algorithm to recommend network advisors on its Zoe Wealth platform, according to the regulator.

Senate vote on NIL bill could reshape college athletes' paydays
Senate vote on NIL bill could reshape college athletes' paydays

The Protect College Sports Act would cap school payments and codify NIL rights, with implications for advisors guiding young athletes.

'I'm done': Pandemic memories push business owners toward the exit
'I'm done': Pandemic memories push business owners toward the exit

"I know the number that I want to be able to retire on, and now I just want out," says Wilmington Trust's Marguerite Weese, describing a common refrain among business-owner clients.

Northern Trust bulks up family office team with New York hires
Northern Trust bulks up family office team with New York hires

Bessemer and Brown Brothers Harriman veteran Robert Ludricks III and private markets specialist Olof Akesson join the ultra-high-net-worth push on the East Coast.

SEC accuses trucking operator of running $127 million Ponzi scheme
SEC accuses trucking operator of running $127 million Ponzi scheme

765 investors were promised 260% annual returns on truck leases

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains