Finra Fines, Suspends Another LPL Broker for Falsified Signatures – AdvisorHub

Feb 8, 2024

The Financial Industry Regulatory Authority (FINRA) fined and suspended Timothy W. Leveroni, a broker with 46 years of experience, for allowing colleagues to falsify his signature on over 100 client documents at LPL Financial in Braintree, Massachusetts. This case is part of a broader pattern of enforcement by FINRA, which has targeted former LPL brokers for similar misconduct since July, following a $3 million fine against LPL for oversight failures. Leveroni’s settlement included a $7,500 fine and a two-month suspension, despite not admitting or denying the findings. This incident underscores ongoing concerns about signature falsification and supervisory lapses within the financial industry, highlighted by LPL’s internal and regulatory penalties, including a recent $250,000 fine to Massachusetts regulators for supervisory failures and a series of actions against LPL brokers for misuse of electronic signatures and other compliance breaches.

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