Wednesday, May 9, 2018

Utah to Fine Broker-Dealers over Credit Union Violations

Utah Division of Securities will fine fine three large independent broker-dealers, Cetera Advisor Networks, LPL Financial and CUSO Financial Services, a combined $2.25 million for violating industry rules stemming from how broker-dealers do business with credit unions, according to Investment News.

The three petitions found that the broker-dealers "failed to comply with the regulatory requirements governing networking arrangements between broker-dealers and credit unions, approved the use of misleading sales and advertising materials and other information provided to customers and the public, failed to follow and enforce [their] policies and procedures and failed to reasonably supervise the businesses run through the credit unions."

Utah is looking to fine Cetera Advisor Networks $1 million, LPL Financial $750,000 and CUSO Financial Services $500,000.

The news story has a link to the petition against Cetera Advisor Networks.

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