LPL Financial pays over US$4.8m to SEC for AML rule and anti-fraud violations

LPL Financial LLC, a broker-dealer and investment adviser based in South Carolina, will pay over US$4.8m to the US Securities & Exchange Commission (SEC) to settle charges that it breached the agency’s anti-money laundering rule and that its failings enabled fraudulent activity by an unconnected unregistered investment adviser. [1]