SEC Charges LPL Financial with Anti-Money Laundering Violations

Jan 17, 2025 · The Securities and Exchange Commission today announced charges against broker-dealer and investment adviser LPL Financial LLC for multiple failures related to its anti …

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SEC Charges La Jolla’s LPL Financial With Anti-money Laundering ...

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Jan 18, 2025 · LPL Financial, a La Jolla-based investment and wealth management services firm, will pay $18 million to settle charges by the Securities and Exchange Commission for …

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SEC Charges La Jolla’s LPL Financial With Anti-money Laundering ...

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Jan 18, 2025 · LPL Financial, a La Jolla-based investment and wealth management services firm, will pay $18 million to settle charges by the Securities and Exchange Commission for …

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LPL Nears $18 Million SEC Settlement Over Anti-Money …

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Oct 31, 2024 · LPL Financial said on Wednesday that it had set aside $18 million during the third quarter in preparation for a settlement with the Securities and Exchange Commission over anti …

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LPL Financial Settles Allegations Of Inadequate Anti-Money …

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Jan 21, 2025 · LPL Financial has agreed to pay $18 million to settle allegations of failing to close or restrict thousands of high-risk accounts due to inadequate anti-money-laundering (AML) …

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LPL Financial Settles SEC Anti-money Laundering Charges For $18

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The SEC's order determined that LPL knowingly violated Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-8 under it. Without admitting or denying the SEC's …

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LPL Financial Settles SEC Anti-money Laundering Charges For $18 …

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Jan 17, 2025 · The SEC's order determined that LPL knowingly violated Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-8 under it. Without admitting or denying the …

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LPL Financial Settles SEC Anti-money Laundering Charges For $18 …

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Jan 17, 2025 · The SEC order states that from May 2019 to December 2023, LPL had persistent issues with its customer identification program, including not closing accounts in a timely …

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LPL Financial To Pay Civil Penalty Of $18M To Settle SEC Charges

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Jan 17, 2025 · The Securities and Exchange Commission announced charges against broker-dealer and investment adviser LPL Financial for multiple failures related to its anti-money …

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SEC Fines LPL Financial $18M For Failed Due Diligence On New, High …

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Jan 21, 2025 · SEC fines LPL Financial $18M for failed due diligence on new, high-risk accounts. By Aaron Nicodemus 2025-01-21T16:10:00. Broker-dealer LPL Financial will pay $18 million …

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SEC Charges La Jolla’s LPL Financial With Anti-money Laundering ...

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Jan 19, 2025 · SEC charges La Jolla’s LPL Financial with anti-money laundering violations. The San Diego firm agreed to pay $18 million in civil penalties, the federal agency said LPL …

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LPL Financial Fined $18 Million By US SEC For Anti-money …

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(January 17, 2025, 2:33 PM GMT) -- MLex Summary: The US Securities and Exchange Commission settled an investigation with broker-dealer and investment adviser LPL Financial …

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FAQs about SEC Charges LPL Financial with Anti-Money Laundering Violations Coupon?

What did the SEC charge LPL Financial?

The Securities and Exchange Commission announced charges against broker-dealer and investment adviser LPL Financial (LPLA) for multiple failures related to its anti-money laundering program. To resolve the SEC’s charges, LPL agreed to pay a civil penalty of $18M and to implement improvements to its AML policies and procedures. ...

Who is LPL Financial LLC?

The Securities and Exchange Commission today 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. ...

Will LPL pay a $18 million civil penalty?

To settle the charges, LPL has agreed to pay an $18 million civil penalty and make enhancements to its AML procedures and policies. ...

How did LPL deal with the SEC?

LPL, without admitting or denying the SEC's findings, agreed to settle the charges by undertaking significant remedial measures, including the payment of over $4.1 million directly to MEDI, representing investor losses plus interest. LPL also agreed to pay a civil penalty of $750,000. The penalty will distributed to MEDI via a Fair Fund. ...

What happens if LPL does not fulfill its AML obligations?

She added that when firms like LPL do not fulfill their AML obligations, they expose the securities markets to risk. The SEC's order determined that LPL knowingly violated Section 17 (a) of the Securities Exchange Act of 1934 and Rule 17a-8 under it. ...

How much does LPL pay to resolve a fraud case?

LPL is paying more than $4.8 million to resolve this matter. According to the SEC's order, Garcia opened an account at LPL to further his scheme to defraud his advisory client, the Municipality of Mayagüez, Puerto Rico (the "City"). ...