2018, LPL Financial agreed to a $26 million settlement arising from unregistered securities. On October 30, 2018, LPL Financial agreed to pay a $2.75 million fine and perform a look-back review of certain complaints primarily related to anti-money-laundering (AML) reporting and customer complaint reporting. On June 26, 2019, LPL Financial settled with the Commonwealth of Massachusetts at a cost of $1.1. million and a review of certain internal controls. The Massachusetts Securities Division (MSD) had investigated and charged LPL over compliance matters related to licensing of advisors/supervisors and late reportings. On December 26, 2019, LPL Financial paid a fine of $300,000 as part of a settlement with FINRA primarily related to its systems and procedures related to Uniform Gifts to Minors Act (UGMA) and Uniform Transfer to Minors Act (UTMA) accounts. The settlement was based on internal controls and was not related to any investor harm. On December 30, 2020, LPL Financial paid a fine of $6.5 million as part of a settlement with the Financial Industry Regulatory Authority (FINRA). As part of the settlement, LPL Financial consented to the findings that they had failed to supervise and failed to maintain adequate records. FINRA alleged that inadequate recordkeeping had exposed customers to losses through a Ponzi scheme created by one of its representatives. References External links Financial services companies of the United States Companies based in San Diego Companies listed on the Nasdaq Brokerage firms