Mississippi to get nearly $500,000 in securities settlement

October 13, 2018

JACKSON, Miss. (AP) — Mississippi will get nearly $500,000 in a settlement involving a company that was selling unregistered securities.

Secretary of State Delbert Hosemann said the penalties are part of a $26 million multi-state settlement with LPL Financial LLC. Securities regulators say the company had been selling unregistered securities since 2006, not doing enough to make sure its employees complied with state and federal laws.

A consent order finalized the settlement earlier this week.

The case was investigated by a task force created by the North American Securities Administrators Association, led by Massachusetts and Alabama.

In addition to civil penalties, LPL must offer to repurchase unregistered securities sold to customers since 2006, offering 3 percent simple interest per year.

The company also agrees it will consider compliance issues before selling new securities products.

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