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."

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