The SEC said it has barred former LPL Financial adviser Paul T. Lebel from the industry for "fraudulent" churning in mutual funds shares that generated him $50,037 in commissions in four of his clients' accounts. In particular, the SEC found that Lebel excessively traded shares that carried large front-end loads.
"Lebel’s excessive trading was inconsistent with the customers’ investment objectives, and willfully disregarded the customers’ interest," the SEC said in a statement. "Mutual fund A shares are designed for long-term, buy-and-hold investing and are unsuited for any known strategy involving frequent trading."
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
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access