A $9 million payment by LPL Financial to settle a FINRA regulatory matter offers a cautionary tale for other firms, industry sources say.

FINRA says it has ordered LPL Financial, the nation's No. 1 independent broker-dealer, to pay a total of $9 million for alleged "significant" email system failures and for making misstatements to the regulator.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access