LPL Financial Fined $10M By Federal Regulators

BOSTON (CBS) - One of the largest public companies in the state has been fined $10 million by the Financial Industry Regulatory Authority.

LPL Financial was hit with the fine by federal regulators for failing to properly supervise the sale of exchange traded funds and other products to retail investors, among other violations.

LPL works with more than 14,000 financial advisers across the country.

CEO Mark Casady says LPL has been growing quickly and purchased many companies over the past few years and the result amounted to these issues which are being addressed.

WBZ NewsRadio 1030's Anthony Silva reports