At LPL Financial, Higher Q3 Charges For Regulatory Costs

Attorney Advising Disclaimer

LPL Financial announced its projection of $23 million in regulatory charges for the third quarter due to regulatory matters concerning firm policies, procedures and systems. The bulk of the $23 million - $18 million - represents a substantial increase in expected charges than LPL previously anticipated, prior to announcing costs related to the various regulatory actions.

LPL already experienced higher-than-expected regulatory fines and fees, which contributed to a 4.4% drop in net income during this year's second quarter.

For instance, FINRA fined LPL $2 million and ordered $820,000 in restitution for failures related to variable annuity (VA) exchanges, including failure to maintain accurate books and records.

The projected impact for Quarter 3 is $0.11 on diluted earnings per share. LPL reported that it expects third quarter net income to be between $32 and $34 million with projected diluted earnings per share to be between $0.32 and $0.34.

If you have invested with or in LPL Financial or with any broker-dealer or other firm whose misconduct, revealed by charges contained in regulatory actions, have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

News: Another Big Regulatory Payout on LPL Horizon (bankinvestmentconsultant)

Related Posts
  • Investor Loses $300,000 in Unapproved Securities-Based Loan Strategy Read More
  • JP Morgan's Darren Ting Sanctioned for Unauthorized Discretionary Trading Read More
  • Benchmark Investments Ex-Broker Todd Anderson Barred After Disputed Signature, Unsuitable Recommendations Read More