Defendant Name:
Lincoln Financial Securities Corporation
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Lincoln National Corporation
SIC Code:
6311
CUSIP:
53418710
Document Reference:
34-99499
Document Details
Legal Case Name
In the Matter of Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to 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
09-Feb-2024
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On February 9, 2024, the SEC instituted administrative and cease-and-desist proceedings against Lincoln Financial Advisors Corporation and Lincoln Financial
Securities Corporation, stating: "From at least January 2019, LFA and LFS employees sent and received
off-channel communications that related to the broker-dealer businesses operated by LFA and
LFS and with respect to LFA’s and LFS’s investment advisory businesses related to
recommendations made or proposed to be made and advice given or proposed to be given.
Respondents did not maintain or preserve the substantial majority of these written
communications. Respondents’ failures were firm-wide, and involved employees at various
levels of authority. As a result, LFA and LFS violated Section 17(a) of the Exchange Act and
Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7)
thereunder."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
Shared:
$8,500,000.00
Shared with: Lincoln Financial Advisors Corporation
Other Defendants in Action:
