Lawson fines LPL Financial

Connie Lawson (Photo supplied/Indiana Secretary of State's office)

INDIANA (WOWO): The Indiana Secretary of State has fined a national investment and wealth management broker with locations in Fort Wayne over failures related to the supervision of its operations in Indiana.

Secretary of State Connie Lawson today announced a settlement with LPL Financial, which includes a civil penalty of $450,000. The settlement specifically focuses on email review and branch audit requirements.

Over the past several years, a software glitch caused LPL supervisors to not properly review a select number of emails. The investigation also found that LPL didn’t conduct annual compliance exams of its Indiana branches, as required by law.

LPL also agreed to a conduct a 3rd party compliance review of its policies and procedures in Indiana to ensure that they comply with state law.


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