Defendant Name:
LPL Financial LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
LPL Financial Holdings Inc.
SIC Code:
9999
CUSIP:
50212V10
Document Reference:
33-10992
Document Details
Legal Case Name
In the Matter of LPL Financial LLC
Document Name
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
Document Date
30-Sep-2021
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
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")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$114,318.00
Shared:
Civil Penalty
Individual:
$750,000.00
Shared:
Pre-Judgment Interest
Individual:
$26,884.00
Shared: