WSJ reported that LPL Financial Holdings was fined $7.5 million by the FINRA, as well as creating a $1.5 million compensation fund for its clients.
This $9 million fine is largest to date, and could have been avoided with a good-faith effort to comply with government legislation. Note here that all that is required is a reasonable endeavour by a corporation to comply, FINRA doesn’t expect a perfect solution and a fine can be avoided by making an effort.
