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LPL Financial to pay $11.7 million to settle Finra charges

Regulator says firm had lax supervision of nontraditional ETFs, variable annuity contracts and nontraded real-estate investment trusts

LPL Financial Holdings will pay $11.7 million to settle charges that a unit failed to properly supervise complicated products such as nontraditional exchange-traded funds, the Financial Industry Regulatory Authority said.

Over multiple years LPL Financial LLC had lax supervision of nontraditional exchange-traded funds, variable annuity contracts and nontraded real-estate investment trusts, according to Finra.

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