LPL Financial hired an ex-SEC official as its new general counsel as the firm continues to
The firm announced Thursday that David Bergers as the new managing director for legal and government relations and general counsel of LPL Financial Holdings. He will replace Stephanie Brown, who after 24 years at LPL will be joining Boston law firm Markun, Zusman, Freniere & Compton.
Ive been impressed with LPLs recent investments in people and technology and the steps the company has taken to improve its compliance systems," Bergers said in an email. "I also am impressed by the quality and engagement of the board and other senior executives, and by their shared desire to do what it takes to make LPL Financial a model for the industry to follow. I look forward to helping the firm continue to provide the highest quality advice and service to investors.
Bergers will join the firm Aug. 5, reporting to Mark Casady, the company's chairman and CEO. He will serve as a member of LPLs management committee, and also on its risk oversight committee, the company said in a statement.
Bergers joins LPL after 13 years with the SEC, most recently as acting deputy director of the enforcement division in Washington, D.C. He was director of the SEC's Boston regional office from 2006 to 2013. He previously practiced law at firms in Philadelphia and Boston, and served as a vice president and assistant general counsel of a regional broker-dealer, as well as primary counsel to an affiliated investment advisor.
"We are fortunate to have someone of David's caliber and expertise in regulatory and other matters joining LPL Financial to head our legal and government relations functions," Casady said in a statement. "He also has significant management experience, having most recently helped oversee a team of 1,300 people and successfully transformed both the enforcement and examination programs at the SEC," he said.
Bergers' new role comes less than a month after LPL got hit with the
The hirings are not related to the FINRA fine, Betsy Weinberger, a spokeswoman for LPL, said in an interview. Since early 2012 the company has been making disciplined and deliberate moves to broaden the management teams perspective and capabilities to simplify and streamline the structure. That has resulted in bringing in new talent from the outside.
LPL was ordered last month to pay a total of $9 million for alleged "significant" email system failures and for making misstatements to the regulator. The amount included a $7.5 million fine -- the largest ever ordered by the regulator for an email violation, a FINRA spokeswoman said -- as well as a $1.5 million fund to compensate brokerage customers potentially affected by email violations, according to a FINRA statement. Brad Bennett, FINRAs executive vice president and chief of enforcement, said in a statement that this case sends a strong message to firms to make sure your business does not outgrow your compliance systems."
Read More:
