Regulatory Woes Hammer LPL Profits
LPL spent $32 million on fines and restitution for the nine months ending Sept. 30 -- about twice the amount the firm spent on such expenses in the prior two years combined.
More in Regulatory/Compliance
Over the summer, FINRA fined Merrill $8 million and ordered it to pay back $24.4 million for allegedly overcharging for mutual fund fees. more »
Raoul Weil, who once ran UBS AG’s global wealth-management business, referred to accounts hidden by U.S. clients from the IRS as “toxic waste,” a witness at his tax-conspiracy trial said. more »
Advisor sends his clients on a road trip; 401(k) contributions ‘max’ to rise to $18,000 in 2015; Navigating the new retirement world more »
Corporate tax reform is likely to be a priority for Congress and the Obama administration no matter which party has control of the Senate after the midterm elections, said tax experts and congressional observers who, nevertheless, differ on how this might impact municipal bonds. more »
6 networking tips for retirees; Will your retirement savings last?; How to learn what you're paying for your retirement account more »
The nation's biggest independent B-D announced that it expects to incur greater-than-expected charges of $23 million in its third quarter due to regulatory matters. more »
FINRA's Enforcement Department alleges that the registered rep issued and distributed unauthorized ATM cards as part of a scheme to steal customer funds. more »
Agency secures $4 billion in penalties; expert says: “make sure that you have a robust and dynamic compliance program.” more »
Ameriprise and one of its advisors were fined by FINRA after an investigation revealed the advisor doctored client documents and the firm kept quiet about the changes. more »
The SEC plans an enforcement action against a former Wells Fargo compliance officer for altering report. more »
UBS has agreed to compensate 34 Puerto Rico-based investors for their losses in investments in their municipal bond closed ended funds. more »
James Katayanagi allegedly created fake ATM cards and used them to swipe more than $14,000 from eight bank customers. more »
A former UBS broker was ordered to pay back the wirehouse $1.75 million of his recruiting bonus – the third such million-dollar judgment against him this year. more »
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