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LPL Financial LLC/TA – ‘TA-1/A’ on 7/24/14

On:  Thursday, 7/24/14, at 6:11pm ET   ·   As of:  7/16/14   ·   Effective:  7/26/14   ·   Accession #:  1007444-14-13   ·   File #:  84-05637

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  As Of                Filer                Filing    For·On·As Docs:Size

 7/16/14  LPL Financial LLC/TA              TA-1/A      7/26/14    1:52K

Amendment to Application for Registration as a Transfer Agent   —   Form TA-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: TA-1/A      Amendment to Application for Registration as a      HTML     51K 
                          Transfer Agent -- primary_doc.xml/3.4


        

This ‘TA-1/A’ Document is an XML Data File that may be rendered in various formats:

  Form TA-1    –   Plain Text   –  SEC Website  –  EDGAR System  –    XML Data    –  <?xml?> File
 
 
Plain Text rendering:  Amendment to Application for Registration by a Transfer Agent
 
                                                                                                                                                                                
EDGAR Submission
 
Schema Version:  X0304
Submission Type:  TA-1/A
Test or Live:  LIVE
Form Version:  3.4.0
Filer:
CIK:  1007444
File Number:  084-05637
Regulatory Agency:  SEC
Registrant:
Entity Name:  LPL Financial LLC
Previous Entity Name:  LPL Financial Corporation
FINS Number:  008698
Principal Office Address:
Street 1:  4707 Executive Drive
Street 2:
City:  San Diego
State or Country Code:  CA
State or Country:  CALIFORNIA
ZIP Code:  92121
Different Mailing Address?  No
Telephone Number:  858-450-9606
Conduct Business in Other Locations?  No
Self-Transfer Agent?  No
Engaged Service Company?  No
Engaged as Service Company?  No
Registrant Type:  Other
Registrant Type Description:  LLC
Sole Proprietorship Other Data:
Entity Name:  LPL Holdings, Inc.
Relationship Start Date:  4/1/89
Title or Status:  Managing Member
Authority Description:  Parent Company
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Mark Robert Helliker
Relationship Start Date:  8/1/08
Title or Status:  Managing Director
Authority Description:  Broker/Dealer Support Services
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Robert Joseph Moore
Relationship Start Date:  5/1/12
Title or Status:  President
Authority Description:  Advisor & Institution Solutions
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Sharyn J. Handelsman
Relationship Start Date:  1/1/14
Title or Status:  Executive Vice President
Authority Description:  Chief Compliance Officer, Brokerage
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  George Burton White
Relationship Start Date:  11/1/07
Title or Status:  Managing Director
Authority Description:  Chief Investment Officer
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Dan Hogan Arnold, Jr.
Relationship Start Date:  5/1/12
Title or Status:  Managing Director
Authority Description:  Chief Financial Officer
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  David Paul Bergers
Relationship Start Date:  8/1/13
Title or Status:  Manging Director and Director
Authority Description:  Legal and Government Relations
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Michelle Oroschakoff
Relationship Start Date:  9/1/13
Title or Status:  Managing Director
Authority Description:  Chief Risk Officer
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Paul Middlemiss
Relationship Start Date:  5/1/11
Title or Status:  Executive Vice President
Authority Description:  Chief Compliance Officer, Advisory
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  John Andrew Kalbaugh
Relationship Start Date:  3/1/10
Title or Status:  Managing Director
Authority Description:  Financial Institution Services
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Joan Dominy Khoury
Relationship Start Date:  5/1/12
Title or Status:  Managing Director
Authority Description:  Chief Marketing Officer
Relationship End Date:  6/1/14
Sole Proprietorship Other Data:
Entity Name:  Sallie Rebecca Larsen
Relationship Start Date:  5/1/12
Title or Status:  Managing Director
Authority Description:  Chief Human Capital Officer
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Victor Peter Fetter, III
Relationship Start Date:  12/1/12
Title or Status:  Managing Director
Authority Description:  Chief Technology Officer
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Mark Stephen Casady
Relationship Start Date:  12/1/05
Title or Status:  Chairman of the Board and CEO
Authority Description:  Chief Exectutive Officer
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  William P. Morrissey, Jr.
Relationship Start Date:  4/1/14
Title or Status:  Managing Director
Authority Description:  Independent Advisor Services
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Stephanie Leigh Brown
Relationship Start Date:  3/1/04
Title or Status:  Managing Director
Authority Description:  General Counsel
Relationship End Date:  8/19/13
Sole Proprietorship Other Data:
Entity Name:  Esther Marion Stearns
Relationship Start Date:  3/1/07
Title or Status:  Chief Operating Officer
Authority Description:  President
Relationship End Date:  5/1/12
Sole Proprietorship Other Data:
Entity Name:  William Edward Dwyer III
Relationship Start Date:  1/1/04
Title or Status:  Managing Director
Authority Description:  Naitonal Sales
Relationship End Date:  3/1/13
Sole Proprietorship Other Data:
Entity Name:  Denise Abood
Relationship Start Date:  1/1/08
Title or Status:  Managing Director
Authority Description:  Human Capital
Relationship End Date:  6/30/12
Sole Proprietorship Other Data:
Entity Name:  Jonathan Eaton
Relationship Start Date:  1/1/08
Title or Status:  Managing Director
Authority Description:  Retirement Planning
Relationship End Date:  6/30/12
Sole Proprietorship Other Data:
Entity Name:  Christopher F. Feeney
Relationship Start Date:  1/28/08
Title or Status:  Managing Director
Authority Description:  Chief Information Officer
Relationship End Date:  12/31/12
Sole Proprietorship Other Data:
Entity Name:  Kathy VanNoy-Pineda
Relationship Start Date:  5/21/09
Title or Status:  EVP
Authority Description:  Chief Compliance Officer, Brokerage
Relationship End Date:  1/1/14
Sole Proprietorship Other Data:
Entity Name:  John J. McDermott Jr.
Relationship Start Date:  7/27/09
Title or Status:  Managing Director
Authority Description:  Chief Risk Officer
Relationship End Date:  9/13/13
Sole Proprietorship Other Data:
Entity Name:  Abdiel Alan Valenzuela
Relationship Start Date:  5/21/09
Title or Status:  VP - Advisory
Authority Description:  Chief Compliance Officer, Advisory
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Derek Bruton
Relationship Start Date:  3/1/10
Title or Status:  Managing Director
Authority Description:  National Sales
Relationship End Date:  4/4/14
Sole Proprietorship Other Data:
Entity Name:  Becky Shulman
Relationship Start Date:  6/6/11
Title or Status:  Managing Director
Authority Description:  Deputy CFO
Relationship End Date:  11/21/11
Sole Proprietorship Other Data:
Entity Name:  Mary Frances Schott
Relationship Start Date:  6/1/14
Title or Status:  Managing Director
Authority Description:  Client Experience and Training
Relationship End Date:
Sole Proprietorship Other Data:
Entity Name:  Ryan Christopher Parker
Relationship Start Date:  6/1/14
Title or Status:  Managing Director
Authority Description:  Investment and Planning Solutions
Relationship End Date:
Other Control Management:
Other Entity?  Yes
Other Control Management Details:
Entity Name:  LPL Financial Holdings Inc.
Agreement Description:  Principal Stockholder of LPL Holdings, Inc.
Other Control Finance:
Other Entity?  No
Felony or Misdemeanor:
Involved?  No
Other Felony:
Involved?  No
Enjoined Investment Related Activity:
Involved?  No
Violation of Investment Related Regulation:
Involved?  No
False Statement or Omission:
Involved?  No
Violation of Regulations:
Involved?  Yes
Violation of Regulations Details:
Entity Name:  Linsco/Private Ledger Corp. (n/k/a LPL Financial)
Action Title:  SEC Administrative Proceeding Rel. Nos. 33-8371 and 34-49232
Action Date:  2/12/04
Court or Body Name and Location:  Securities and Exchange Commission
Action Description:  Action involved allegations related to application of mutual breakpoints for eligible customers on purchases of front-end load mutual funds.
Disposition of Proceeding:  The SEC issued and Order against LPL that resulted in a censure, monetary fine, disgorgement/restitution and cease and desist/injunction.
Violation of Regulations Details:
Entity Name:  LPL Financial Corporation
Action Title:  SEC Administrative Proceeding No. 34-58515
Action Date:  9/11/08
Court or Body Name and Location:  Securities and Exchange Commission
Action Description:  Proceeding involved allegations of violations of the safeguards rules of Regulation S-P.
Disposition of Proceeding:  The SEC issued an Order against LPL that resulted in a censure, monetary fine, remedial undertakings by LPL, and cease and desist/injunction.
Authorization Denied or Suspended:
Involved?  No
Registration Denied or Suspended:
Involved?  Yes
Registration Denied or Suspended Details:
Entity Name:  LPL Financial
Action Title:  SEC Administrative Proceeding Rel. Nos. 33-8371 and 34-49232
Action Date:  2/12/04
Court or Body Name and Location:  Securities and Exchange Commission
Action Description:  Action involved allegations related to application of mutual breakpoints for eligible customers on purchases of front-end load mutual funds.
Disposition of Proceeding:  The SEC issued an Order against LPL that resulted in a censure, monetary fine, disgorgement/restitution and cease and desist/injunction.
Federal or State Regulatory Agency:
FSR False Statement or Omission:
Involved?  No
FSR Violation of Investment Related Regulation:
Involved?  Yes
FSR Violation of Investment Related Regulation Details:
Entity Name:  Private Ledger Financial Services, Inc. (N/K/A LPL Financial)
Action Title:  Docket/Case Number: 82-66-S
Action Date:  5/20/84
Court or Body Name and Location:  State of Michigan
Action Description:  The matter involved a client that was sold various securities by two PLFS agents who were not at the time of sale registered in Michigan, a violation of Michigan Securities Act.
Disposition of Proceeding:  PLFS was censured and ordered to pay restitution of $11,163.00 to a Michigan client.
FSR Violation of Investment Related Regulation Details:
Entity Name:  Private Ledger Financial Services, Inc. (N/K/A LPL Financial)
Action Title:  Docket/Case Number: 50-86-952(a).
Action Date:  5/14/86
Court or Body Name and Location:  State of Georgia
Action Description:  The matter involved allegations that PLFS offered for sale and sold securities which were not effectively registered nor exempt from registration.
Disposition of Proceeding:  PLFS reimbursed the Commissioner in the amount of $1,000.00 and agreed to cease and desist without admitting or denying any of the findings of fact or conclusions of Law.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 9501-04LC
Action Date:  10/9/96
Court or Body Name and Location:  State of Pennsylvania
Action Description:  The matter involved conduct of an agent formerly licensed with LPL and one of its predecessor firms, Private Ledger Financial Services (PLFS).
Disposition of Proceeding:  LPL Consented to an order requiring it to engage and independent consultant to review its existing compliance policies & procedures, pay costs of $19,304.94, and comply with PA securities regulations.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 97E179
Action Date:  12/1/98
Court or Body Name and Location:  State of Kansas
Action Description:  The proceeding was based on the conduct of a representative formerly licensed with LPL and one of its predecessor firms, PLFS.
Disposition of Proceeding:  LPL agreed to review procedures and make modifications that LPL determines to be reasonable & not overly burdensome & offer restitution to certain LPL customers.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: IC06-CAF-19
Action Date:  6/28/06
Court or Body Name and Location:  State of Texas
Action Description:  Involved allegations that LPL failed to timely update its Form BD to reflect the use of other business names in connection w/securities activity by certain LPL Branch offices in TX.
Disposition of Proceeding:  The order resulted in a reprimand and administrative fine in the amount of $10,000.00.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 3/1/07
Action Date:  11/20/07
Court or Body Name and Location:  State of Pennsylvania
Action Description:  Allegations that at certain times between 1998 and 2006, LPL failed to maintain or enforce procedures reasonably designed to supervise one or more of its agents in PA.
Disposition of Proceeding:  The matter resulted in a $200,000.00 administrative assessment and $30,000.00 for investigative and legal costs.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: SEC-2009-46
Action Date:  9/11/09
Court or Body Name and Location:  State of Montana
Action Description:  Allegations that LPL failed to reasonably supervise a registered representative.
Disposition of Proceeding:  Consent order resulted in LPL agreeing to pay restitution of $1,144,416.51 and a fine to the State of MT of $150,000.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: SEU-2007-73
Action Date:  12/24/07
Court or Body Name and Location:  State of Hawaii
Action Description:  Allegation of failure to disclose to clients material information in connection with the offer, sale or purchase of securities.
Disposition of Proceeding:  Consent agreement resulted in an administrative penalty of $10,000.00.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 2010-AH-012
Action Date:  12/8/09
Court or Body Name and Location:  State of Kentucky
Action Description:  Allegation that LPL paid advisory compensation to an agent who was not qualified and was not registered as an investment advisor representative.
Disposition of Proceeding:  $4,000.00 fine.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 0800381
Action Date:  7/12/10
Court or Body Name and Location:  State of Illinois
Action Description:  Allegation that LPL failed to detect role of one of its representatives in the sale of participations in oil and gas projects.
Disposition of Proceeding:  Matter resulted in a $300,000.00 fine and restitution of $167,796.00.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: AP-10-16
Action Date:  8/11/10
Court or Body Name and Location:  State of Missouri
Action Description:  Matter involved sale of variable annuity contract in which representative allegedly misunderstood how a rider operated.
Disposition of Proceeding:  Matter resulted in a censure and $37,540.00 in total for fine, restitution and interest.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number:1000096
Action Date:  10/24/11
Court or Body Name and Location:  State of Illinois
Action Description:  Allegation that LPL failed to supervise a registered representative.
Disposition of Proceeding:  Matter resulted in $1,885,000.00 restitution to customers.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 10/6/09
Action Date:  12/6/11
Court or Body Name and Location:  State of Pennsylvania
Action Description:  Allegation that LPL failed to supervise two registered representatives.
Disposition of Proceeding:  Matter resulted in $59,092.52 fine for investigative costs.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: S-07-0001-2
Action Date:  11/8/11
Court or Body Name and Location:  State of Oregon
Action Description:  Allegation that LPL failed to supervise an OSJ manager's transactions.
Disposition of Proceeding:  Matter resulted in $100,000.00 fine.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: AP-13-21
Action Date:  12/17/13
Court or Body Name and Location:  State of Missouri
Action Description:  Allegation that LPL failed to supervise a registered representative.
Disposition of Proceeding:  Fine of $175,000.00 and pay the cost of the investigation in the amount of $10,000.00.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: SEC-2012-144
Action Date:  11/4/12
Court or Body Name and Location:  State of Montana
Action Description:  Allegation that LPL failed to supervise a registered representative.
Disposition of Proceeding:  Fine of $10,000.00 and $20,500.00 restitution to customers.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 2012-0036
Action Date:  12/12/12
Court or Body Name and Location:  State of Massachusetts
Action Description:  Allegations of failure to supervise and train registered representatives in connection with the sale of non-traded REITS.
Disposition of Proceeding:  Fine of $500,000.00 and restitution to certain customers.
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: IC08-CAF-22
Action Date:  12/30/08
Court or Body Name and Location:  State of Texas
Action Description:  The state alleged that LPL failed to enforce its written procedures relating to the notification of a felony charge and Form U4 updates.
Disposition of Proceeding:  Fine of $5,000.00
FSR Violation of Investment Related Regulation Details:
Entity Name:  LPL Financial
Action Title:  File No. 1200385
Action Date:  6/30/14
Court or Body Name and Location:  State of Illinois Securities Department
Action Description:  In June 2014, LPL submitted to a consent order with the Illinois Securities Department in connection with certain variable annuity exchange transactions, in particular, relating to its failure to adequately enforce supervisory procedures and maintain certain books and records required under Illinois law.
Disposition of Proceeding:  LPL agreed to a censure, fine of $2,000,000.00 and restitution to impacted customers of approximately $800,000.00
FSR Authorization Denied or Suspended:
Involved?  No
FSR Found Order Against Applicant:
Involved?  Yes
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: IC06-CAF-19
Action Date:  6/28/06
Court or Body Name and Location:  State of Texas
Action Description:  Involved allegations with LPL failed to timely update its Form BD to reflect the use of other business names in connection w/securities activity by certain LPL branch offices in TX.
Disposition of Proceeding:  The order resulted in a reprimand and a fine in the amount of $10,000.00.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: SEC-2009-46
Action Date:  10/26/09
Court or Body Name and Location:  State of Montana
Action Description:  Allegations that LPL failed to reasonably supervise a registered representative.
Disposition of Proceeding:  Consent order resulted in LPL agreeing to pay restitution of $1,144,416.51 and a fine to the State of MT of $150,000.00.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case No. 2010-AH-012
Action Date:  12/8/09
Court or Body Name and Location:  State of Kentucky
Action Description:  Allegation that LPL paid advisory compensation to an agent who was not qualified and was not registered as an investment advisor representative.
Disposition of Proceeding:  $4,000.00 fine.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 0800381
Action Date:  7/12/10
Court or Body Name and Location:  State of Illinois
Action Description:  Allegation that LPL failed to detect role of one of its representatives in the sale of participations in oil and gas projects.
Disposition of Proceeding:  Matter resulted in a $300,000.00 fine and restitution of $167,796.00.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 1000096
Action Date:  10/24/11
Court or Body Name and Location:  State of Illinois
Action Description:  Allegation that LPL failed to supervise a registered representative.
Disposition of Proceeding:  Matter resulted in $1,885,000.00 restitution to customers.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 10/6/09
Action Date:  12/6/11
Court or Body Name and Location:  State of Pennsylvania
Action Description:  Allegation that LPL failed to supervise two registered representatives.
Disposition of Proceeding:  Matter resulted in $59,092.52 fine for investigative costs.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: S-07-0001-2
Action Date:  11/8/11
Court or Body Name and Location:  State of Oregon
Action Description:  Allegation that LPL failed to supervise OSJ managers transactions.
Disposition of Proceeding:  Matter resulted in $100,000.00 fine.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: AP-10-16
Action Date:  8/11/10
Court or Body Name and Location:  State of Missouri
Action Description:  Matter involved sale of variable annuity contract in which representative allegedly misunderstood how a rider operated.
Disposition of Proceeding:  Matter resulted in a censure and $37,540.00 in total for fine, restitution and interest.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case No. 3/1/07
Action Date:  11/20/07
Court or Body Name and Location:  State of Pennsylvania
Action Description:  Allegations that at certain times between 1998 and 2006, LPL failed to maintain or enforce procedures reasonably designed to supervise one or more of its agents in PA.
Disposition of Proceeding:  The matter resulted in a $200,000.00 administrative assessment and $30,000.00 for investigative and legal costs.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: IC08-CAF-22
Action Date:  12/30/08
Court or Body Name and Location:  State of Texas
Action Description:  The state alleged that LPL failed to enforce its written procedures relating to the notification of a felony charge and Form U4 updates.
Disposition of Proceeding:  Fine of $5,000.00.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: AP-13-21
Action Date:  12/17/13
Court or Body Name and Location:  State of Missouri
Action Description:  Allegation that LPL failed to supervise a registered representative.
Disposition of Proceeding:  Fine of $175,000.00 and pay the cost of the investigation in the amount of $10,000.00.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: SEC-2012-144
Action Date:  11/4/12
Court or Body Name and Location:  State of Montana
Action Description:  Allegation that LPL failed to supervise a registered representative.
Disposition of Proceeding:  Fine of $10,000.00 and $20,500.00 restitution to customers.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  Docket/Case Number: 2012-0036
Action Date:  12/12/12
Court or Body Name and Location:  State of Massachusetts
Action Description:  Allegations of failure to supervise and train registered representatives in connection with the sale of non-traded REITS.
Disposition of Proceeding:  Fine of $500,000.00 and restitution to certain customers.
FSR Found Order Against Applicant Details:
Entity Name:  LPL Financial
Action Title:  File No. 1200385
Action Date:  6/30/14
Court or Body Name and Location:  State of Illinois Securities Department
Action Description:  In June 2014, LPL submitted to a consent order with the Illinois Securities Department in connection with certain variable annuity exchange transactions, in particular, relating to its failure to adequately enforce supervisory procedures and maintain certain books and records required under Illinois law.
Disposition of Proceeding:  LPL agreed to a censure, fine of $2,000,000.00 and restitution to impacted customers of approximately $800,000.00
FSR Registration Denied or Suspended:
Involved?  No
FSR Revoked Suspended License:
Involved?  No
Self Regulatory Agency:
SRA False Statement or Omission:
Involved?  Yes
SRA False Statement or Omission Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  5/21/13
Court or Body Name and Location:  FINRA
Action Description:  The matter involved inadequate email supervision and allegations of misstatements regarding the chronology of events concerning the LPL's discovery of the issue.
Disposition of Proceeding:  Fine of $7,500,000.00.
SRA Violation of Rules:
Involved?  Yes
SRA Violation of Rules Details:
Entity Name:  PLFS (N/K/A LPL Financial)
Action Title:  Acceptance, Waiver and Consent
Action Date:  6/4/80
Court or Body Name and Location:  NASD District 2 Business Conduct Committee
Action Description:  Allegations involved failure to supervise branch office for use of stationary and business cards and failure to use name of PLFS on front door of branch office in a phone book.
Disposition of Proceeding:  Fine of $500.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  2/13/03
Court or Body Name and Location:  NASD
Action Description:  The matter arose out of a representatives unauthorized participation/postings on electronic bulletin boards.
Disposition of Proceeding:  The AWC resulted in a fine of $5,000.00 and an undertaking to revise LPLs written supervisory procedures concerning communications with the public via electronic media.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  3/27/03
Court or Body Name and Location:  NASD
Action Description:  The matter arose from an error in reporting 23 transactions in FIPS securities within five minutes after execution.
Disposition of Proceeding:  The AWC resulted in a fine of $5,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  2/12/04
Court or Body Name and Location:  NASD
Action Description:  Action involved allegations related to application of mutual breakpoints for eligible customers on purchases of front-end load mutual funds.
Disposition of Proceeding:  LPL was censured and fine $2,232,805.00 and made various other undertakings to the NASD.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  10/11/04
Court or Body Name and Location:  NASD
Action Description:  The matter involved allegations related to two municipal bond liquidations.
Disposition of Proceeding:  AWC resulted in censure and fine of $5000, restitution of $4,662.00, and undertaking to review written supervisory procedures related to determining FMV of municipal securities.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  11/30/04
Court or Body Name and Location:  NASD
Action Description:  The matter arose out of LPLs alleged late filing of amendments to Forms U4 and Forms U5 from January 2002 through March 2004.
Disposition of Proceeding:  The AWC resulted in a censure, fine in the amount of $450,000.00 and various undertakings by LPL.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  6/8/05
Court or Body Name and Location:  NASD
Action Description:  The matter arose out of LPLs acceptance of directed brokerage payments from mutual fund companies.
Disposition of Proceeding:  The AWC resulted in a fine of $3,602,398.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  11/14/05
Court or Body Name and Location:  NASD
Action Description:  Allegations were that LPL failed to establish, maintain and enforce reasonable system of procedures to supervise activities of registered persons in connection with wire transfers.
Disposition of Proceeding:  AWC resulted in a censure and fine of $75,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  12/19/05
Court or Body Name and Location:  NASD
Action Description:  Matter arose out of allegations related to recommendations to customers for the purchase of mutual fund Class B and C shares.
Disposition of Proceeding:  The AWC resulted in a fine of $2,400,000.00
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  1/6/06
Court or Body Name and Location:  NASD
Action Description:  The matter arose out of allegations related to violations of NASD rules regarding the termination of research coverage of subject companies.
Disposition of Proceeding:  The matter resulted in a fine of $5,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  12/21/06
Court or Body Name and Location:  NASD
Action Description:  Allegations were that during a period, LPL failed to establish, maintain and enforce adequate supervisory system reasonably related to variable annuity exchange business.
Disposition of Proceeding:  The AWC resulted in various undertakings by LPL.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  4/17/07
Court or Body Name and Location:  NASD
Action Description:  Allegations were that LPL failed to timely amend representatives Forms U4 with material information.
Disposition of Proceeding:  The AWC resulted in a fine of $5,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  9/4/09
Court or Body Name and Location:  FINRA
Action Description:  Allegations involved failure to comply with MSRB Rule G-14.
Disposition of Proceeding:  AWC resulted in a fine to LPL of $5,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  1/20/11
Court or Body Name and Location:  FINRA
Action Description:  Allegations involved review of e-mails.
Disposition of Proceeding:  Resulted in a censure and fine of $100,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  1/20/11
Court or Body Name and Location:  FINRA
Action Description:  Allegations involved review of procedures on transmittal of cash and securities from customer accounts to third party accounts.
Disposition of Proceeding:  Resulted in a censure and fine of $100,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  1/6/11
Court or Body Name and Location:  FINRA
Action Description:  Allegations involved LPL did not use reasonable diligence to ascertain best inter-dealer market and failed to buy or sell in such market so that the resulting price to customers was as favorable as possible.
Disposition of Proceeding:  Resulted in a censure and fine of $20,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  12/22/10
Court or Body Name and Location:  FINRA
Action Description:  Allegations involved procedures on supervision of variable annuity exchanges.
Disposition of Proceeding:  Resulted in a censure and fine of $175,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  6/3/08
Court or Body Name and Location:  FINRA
Action Description:  Allegations involved failure to supervise a registered representative in connection with his/her use of strategies, marketing materials and appropriateness of investments.
Disposition of Proceeding:  Resulted in a censure and fine of $125,000.00
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  6/8/11
Court or Body Name and Location:  FINRA
Action Description:  Allegations involved procedures on supervision of advertising and public appearances.
Disposition of Proceeding:  AWC resulted in a fine of $25,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  6/26/12
Court or Body Name and Location:  FINRA
Action Description:  Allegations of trade reporting violation.
Disposition of Proceeding:  Matter resulted in censure and $17,000.00 fine.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  7/26/11
Court or Body Name and Location:  FINRA
Action Description:  Allegation of trade reporting violation.
Disposition of Proceeding:  Matter resulted in censure and $22,500.00 fine.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  5/21/13
Court or Body Name and Location:  FINRA
Action Description:  The matter involved inadequate email supervision and allegations of misstatements regarding the chronology of events concerning the LPL's discovery of the issue.
Disposition of Proceeding:  Fine of $7,500,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  5/16/13
Court or Body Name and Location:  FINRA
Action Description:  The action arose from allegations of charging commissions that were not fair and reasonable on certain corporate and municipal bonds.
Disposition of Proceeding:  Fine of $60,000.00.
SRA Violation of Rules Details:
Entity Name:  LPL Financial
Action Title:  Acceptance, Waiver and Consent
Action Date:  12/31/12
Court or Body Name and Location:  FINRA
Action Description:  Allegations of inadequate supervision of mutual fund prospectus delivered to customers.
Disposition of Proceeding:  Fine of $400,000.00.
SRA Authorization Denied or Suspended:
Involved?  No
SRA Revoked Suspended License:
Involved?  No
Foreign Agency:
Involved?  No
Subject of Proceedings:
Involved?  No
Revoked Bond:
Involved?  Yes
Revoked Bond Details:
Entity Name:  N/A
Action Title:  N/A
Action Date:  12/1/89
Court or Body Name and Location:  N/A
Action Description:  A claim for recovery of corporate funds embezzled by an employee (not securities licensed) in the Private Ledger Financial Services Accounting Department.
Disposition of Proceeding:  Claim was paid in late 1989 by the National Union Fire Insurance Company.
Revoked Bond Details:
Entity Name:  N/A
Action Title:  N/A
Action Date:  12/1/06
Court or Body Name and Location:  N/A
Action Description:  Claim for recovery of customer funds misappropriated by a registered representative of LPL.
Disposition of Proceeding:  Claim was paid during 2004 through 2006 by Zurich American.
Revoked Bond Details:
Entity Name:  N/A
Action Title:  N/A
Action Date:  7/27/07
Court or Body Name and Location:  N/A
Action Description:  Claim of misappropriation of funds by former registered representative of LPL.
Disposition of Proceeding:  Claim of $50,000.00 was paid on July 27, 2007 by Zurich.
Revoked Bond Details:
Entity Name:  N/A
Action Title:  N/A
Action Date:  11/2/11
Court or Body Name and Location:  N/A
Action Description:  Indemnification payments received from fidelity bond carrier. Claims arising from payments made by individuals to former broker.
Disposition of Proceeding:  Payments totaling $1,279,433.79. Dates of payments: August 31, 2009 - $1,080,233.79; July 20, 2010 - $14,000.00 and; November 2, 2011 - $185,200.00.
Revoked Bond Details:
Entity Name:  N/A
Action Title:  N/A
Action Date:  10/18/11
Court or Body Name and Location:  N/A
Action Description:  Issue related to non-payment of funds loaned to former broker.
Disposition of Proceeding:  $2,000,000.00 claim paid.
Unsatisfied Judgements or Liens:
Involved?  No
Signature Data:
Signature Name:  Greg M. Woods
Signature Title:  Executive Vice President, Deputy General Counsel
Signature Phone Number:  617-423-3644
Signature Date:  8/29/12


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