Linsco Private Ledger Corp. nka LPL Financial Corporation

Linsco/Private Ledger Corp. nka LPL Financial Corporation (CRD #6413, Boston, Massachusetts) and Phillip Scott Eggers (CRD #2064151, Registered Principal, Frisco, Texas) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $125,000, $25,000 of which was jointly and severally with Eggers. Eggers was suspended from association with any FINRA member in any capacity for 15 business days. Without admitting or denying the findings, the firm and Eggers consented to the described sanctions and to the entry of findings that Eggers recommended securities transactions to public customers without reasonable grounds for believing that his recommendations were suitable for the customers. The findings stated that Eggers utilized discretion in the customers' accounts without the customers' written authorization to use discretion, and without his member firm's approval of the accounts as discretionary. The findings also stated that Eggers distributed misleading sales literature to the customers regarding the growth rate of their accounts and the inflation rate. The findings also included that the firm failed to reasonably supervise Eggers in connection with the strategies he employed, his use of marketing materials and the appropriateness of the investments he recommended to the customers. The suspension in any capacity was in effect from June 23, 2008, through July 14, 2008. (FINRA Case #E062004027401)

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