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.

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