The three founders of LPL Financial subsidiary Concord Equity Group Advisors have been ordered to pay more than $1.5 million in restitution and penalties for allegedly hiding commissions, in a settlement with the SEC. 

Clients fell victim to the Matawan, N.J., RIA firm's secret fee-deal between 2008 and 2011, according to the SEC. Concord clients include other RIAs, family offices, bank trust and wealth management divisions, CPAs, law firms, insurance companies and regional brokerages.

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