Four Atlanta-area brokers induced federal employees to roll over retirement plan holdings into higher-fee variable annuities using false statements and incomplete disclosures, the SEC said.
Boston-area broker who paid $1.9 million in fines and disgorgement in April to Massachusetts accepts bar from working in U.S. securities industry.
At least three advisers agreed to enforcement actions this week over violations allegedly committed while they worked at the independent broker-dealer.
LPL clarifies its “education-only” policy on rollovers, Merrill engages in second round of culling mutual funds from retirement platform.
LPL clamps 6% lifetime maximum commission on non-traded REIT sales.
Two LPL clients in Texas seek over $1 million in damages in court, claiming churning and overcharging for mutual funds.
With a new $1 million fine from Massachusetts and an order to pay New Hampshire REIT buyers up to $8 million, LPL focuses brokers on avoiding DOL rule-related “rollover” lawsuits.
Firm says it intends “to eliminate any confusion the term ‘conflict-free’ could have for your investors and their understanding of your services,” according to a memo.
Biggest independent broker-dealer cut outgoing CEO Mark Casady’s compensation to $5.28 million and raised incoming CEO Dan Arnold’s to $2.90 million in 2016.