The independent broker-dealer failed to report dozens of customer complaints against brokers from 2013 through 2017 and to file over 400 reports on potential money laundering by customers, Finra said.
Former National Planning Holdings firm agrees to repay Massachusetts investors whose net worth was manipulated to qualify them for purchase of the illiquid investments.
Independent firms affiliated with Advisor Group and National Planning Holdings failed to supervise and train brokers on sales of L-share class annuities, the regulator said.
Rich Steinmeier will replace LPL veteran Bill Morrissey as head of recruiting, while Stifel continues to pick up Wells brokers in Modesto.
Finra suspends ex-Morgan Stanley CSA in Texas who used blank forms and forged customer signatures to facilitate loan requests and former LPL broker in Ohio who reimbursed a customer for money-losing options trades.
The firm enticed just under 60% of National Planning Holdings 3,200 independent brokers to join.
State regulators charged that independent broker-dealer giant failed to properly supervise brokers who were selling unregistered securities.