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July 6, 2015

LPL Hit with $11.7 million Fine

LPL Financial was fined $11.7 million by the Financial Industry Regulatory Authority (FINRA) for supervisory failures. FINRA believes that the supervisory failures began in 2007 when LPL allegedly did not properly supervise the sale of complex products. FINRA also alleges that the system LPL had in place to review customer accounts was deficient which caused 67,000 customers to not receive 14 million trade confirmations.

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