Financial Services
LPL FinancialHeadquarters
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Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:The Securities and Exchange Commission v LPL Financial LLC
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below."
On January 17, 2025, the LPL Financial LLC entered into an Order Instituting Administrative and Cease and Desist Proceedings, and Imposing Remedial Sanctions and a Cease and Desist Order with the LPL Financial LLC . The Order settles allegations that the business failed to follow its own anti-money laundering (“AML”) policies and procedures (“AML Policies”) regarding its Customer Identification Program “CIP” and ongoing customer due diligence obligations and failed to properly verify new accounts; failed to timely close accounts that did not pass its CIP screening measures; and failed to close or restrict certain accounts, such as cannabis-related and foreign accounts, that were prohibited under LPL’s AML Policies. Under terms of the order, the business was ordered to continue its retention of the Compliance Consultant to conduct a comprehensive review of LPL’s CIP and customer due diligence (“CDD”) policies and procedures and pay a civil money penalty of $18,000,000 to the Securities and Exchange Commission.
This action is final.
About This Business
Business Details
- BBB File Opened:
- 3/1/1972
- Business Started:
- 7/1/1975
- Business Incorporated:
- 11/15/2010
- Type of Entity:
- Limited Liability Company (LLC)
- Alternate Names:
- LPL Financial LLC
- Linsco/Private Ledger Financial Services
- Business Management:
- Ms. Ashley Commito, Administrative Assistant
- Mr. Dan H Arnold, President/CEO
- Mr. Roma Patel, Vice President
Additional Contact Information
- Customer Contacts
- Ms. Ashley Commito, Administrative Assistant
- Mr. Julio C Martin
- Additional Websites
- Website 1
Licensing information
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Additional Information
- Business Categories
- Financial Services, Financial Consultants, Investment Security
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