Former LPL broker barred for paying own taxes with client money

Finra said Laura Shean took $124,000 from a customer's brokerage account to make six payments to the IRS.
APR 04, 2018

The Financial Industry Regulatory Authority Inc. has barred former LPL representative Laura Ortega Shean for taking $124,000 from client accounts to pay personal tax bills. Finra said that between March 2017 and October 2017, Ms. Shean made tax payments to the Internal Revenue Service by improperly directing the IRS to withdraw the funds six times from a customer's brokerage account. After the misconduct was discovered, Finra said, the customer was reimbursed in full by having certain of the transfers reversed and by Ms. Shean making additional reimbursement. (More: Finra bars former Morgan Stanley broker who sought client loan for outside activities) Ms. Shean, of Medford, Ore., began her securities career at Merrill Lynch in 1996. From 1999 until she was discharged last November, Ms. Shean was affiliated with LPL Financial.

Latest News

RIA moves: The Mather Group deepens DFW presence with Legacy Partnership
RIA moves: The Mather Group deepens DFW presence with Legacy Partnership

Also, Summit Wealth Group nabs a Commonwealth advisor in Tennessee, Oxford Financial adds two managing directors, and Verdence draws an ultra-high-net-worth advisor from Fidelity.

Progress runs on AI. Purpose runs on people
Progress runs on AI. Purpose runs on people

When advisors have tech to handle meeting prep and organization, it frees up time they can reinvest more thoughtfully into helping clients.

Advisor moves: Wells Fargo FiNet lands $580M Ameriprise team
Advisor moves: Wells Fargo FiNet lands $580M Ameriprise team

LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.

M1 Advisor bets AI can serve clients wealth managers turn away
M1 Advisor bets AI can serve clients wealth managers turn away

The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.

SEC charges Caris Investment Partners in alleged cherry-picking scheme
SEC charges Caris Investment Partners in alleged cherry-picking scheme

95.8% of house trades were winners. For clients? The SEC says just 14.9%.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

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