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LPL Financial fined nearly $26 million by state regulators

Steve Goldstein

LPL Financial Holdings Inc. was fined $25.9 million by state regulators for selling unregistered securities to clients across the nation. The firm failed to develop and maintain systems and procedures to prevent the sale of unregistered, non-exempt securities to certain customers between October 1, 2006 and May 1, 2018, according to a statement from the New York attorney general, one of the regulators who signed up to the deal. Massachusetts and Alabama led the investigation.