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 17-Jan-2025
Initial Filing Format Administrative Action
File Number 3-22422
Allegation Type Broker Dealer

Violations Alleged

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

Resolutions

First Resolution Date 17-Jan-2025
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

34-102224 17-Jan-2025 Administrative Proceeding
rder Instituting Administrative and Cease-and-desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease- and-desist Order
On January 17, 2025, the SEC instituted settled administrative and cease-and-desist proceedings against LPL Financial LLC, stating: "From at least May 2019 through December 2023 (the “Relevant Period”), LPL Financial LLC (“LPL”), a dually registered investment adviser and broker-dealer, failed to follow its own anti-money laundering (“AML”) policies and procedures (“AML Policies”) regarding its Customer Identification Program (“CIP”) and ongoing customer due diligence obligations."
2025-17 17-Jan-2025 Press Release--Administrative Proceeding
SEC Charges LPL Financial with Anti-Money Laundering Violations
On January 17, 2025, the SEC "announced charges against broker-dealer and investment adviser LPL Financial LLC for multiple failures related to its anti-money laundering (AML) program. To resolve the SEC’s charges, LPL agreed to pay a civil penalty of $18 million and to implement improvements to its AML policies and procedures."