Robbins LLP Announces That LPL Financial Holdings Inc. (LPLA) Settles U.S. States’ Probe for $26 Million
Robbins LLP announces that LPL Financial Holdings Inc. (LPLA) has reached a $26 million settlement with state securities regulators over claims that LPL failed to maintain adequate systems to supervise employees and prevent the sale of unregistered securities. Under the settlement, investors who were sold unregistered securities since October 2006 will be offered the full amount they paid plus 3 percent interest. LPL says it will pay a $499,000 fine to each of the 52 U.S. states and territories if they choose to participate in the deal. In addition, LPL agreed to a “top-to-bottom” review of the integration of new securities products to determine the company’s ability to comply with various states’ securities registration requirements.
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