Defendant Name: LPL Financial LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: LPL Financial Holdings Inc.
SIC Code: 9999
CUSIP: 50212V10

Initial Case Details

Legal Case Name In the Matter of LPL Financial LLC
First Document Date 30-Sep-2021
Initial Filing Format Administrative Action
File Number 3-20612
Allegation Type Broker Dealer

Violations Alleged

Other
• Section 17(a) Exchange Act; Rule 17a-8 Exchange Act

Related Violations Alleged

LPL Financial LLC is alleged to have caused Eugenio Garcia Jimenez, Jr.'s violation of Sec 17(a)(2) of the Securities Act.
LPL Financial LLC is alleged to have caused Eugenio Garcia Jimenez, Jr.'s violation of Sec 17(a)(3) of the Securities Act.
LPL Financial LLC is alleged to have caused Eugenio Garcia Jimenez, Jr.'s violation of Section 206(2) Advisers Act.

Resolutions

First Resolution Date 30-Sep-2021
Headline Total Penalty and Disgorgement $891,202

Related Documents:

33-10992 30-Sep-2021 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant To Section 8(A) of the Securities Act Of 1933, Sections 15(B) and 21C of the Securities Exchange Act of 1934, and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order
On September 30, 2021, the SEC instituted settled administrative and cease-and-desist proceedings against LPL Financial LLC stating: "These proceedings arise out of Respondent's failure to verify and respond to conflicting information when it opened a customer account and processed wire transfers at the request of Eugenio Garcia Jimenez, Jr. ("Garcia")."
33-10992-s 30-Sep-2021 Administrative Summary
LPL Financial Settles Charges Involving Violation of Anti-Money Laundering Rule
The SEC "announced settled charges against LPL Financial LLC for anti-money laundering rule violations and for being a cause of certain antifraud violations by Eugenio Garcia Jimenez, Jr.'s, an unregistered investment adviser not affiliated with LPL. LPL is paying more than $4.8 million to resolve this matter."
34-93667 24-Nov-2021 Administrative Proceeding
Order Directing Payment of Certain Funds Received by Commission
The Commission ordered that: "A. After the receipt of funds simultaneously ordered in this proceeding, the Commission will appoint a tax administrator to establish a reserve for taxes and administrative expenses. B. By this action, after withholding the reserve amount, the remaining Fair Fund shall be disbursed to MEDI."
34-93708 02-Dec-2021 Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that: "Miller Kaplan . . . is appointed the Tax Administrator for the QSF in the above-referenced proceeding."

Related Actions:

SEC v. Eugenio Garcia Jimenez, Jr.
Eugenio Garcia Jimenez, Jr.