FINRA bars former LPL dealer for stealing $1.7 million from clients.

FINRA on Tuesday morning said it had barred a dealer who was fired by LPL Financial virtually a 12 months in the past and confronted allegations of taking greater than $1.7 million from two clients whereas registered with LPL.

A veteran monetary advisor with 19 years of expertise within the business, Rudy Anguiano was registered with LPL Financial in Brea, Calif., close to Anaheim, from April 2022 till final December, in line with his BrokerCheck profile.

FINRA barred Anguiano from working at any broker-dealer as a result of “conversion – the intentional and unauthorized taking of one other particular person’s property – of $1,731,000 from two clients’ accounts into an out of doors enterprise checking account,” in line with a press release by FINRA.

FINRA started its investigation into Anguiano in December 2025 after LPL disclosed that Anguiano had been discharged for failing to reveal his exterior enterprise, in line with the assertion. LPL has since reimbursed each clients in full, in line with the assertion.

Anguiano agreed to FINRA’s findings with out admission or denial of any fees.

A spokesperson for LPL Financial didn’t return a name to remark. Anguiano’s legal professional within the FINRA bar, Michelle Jacko, additionally didn’t return a name to remark.

Working with greater than 30,000 monetary advisors in varied capacities and enterprise strains, LPL Financial is the most important broker-dealer, as measured by headcount, within the retail securities business.

LPL Financial “discharged” or fired Anguiano in late 2025 for 2 causes, in line with his BrokerCheck profile. He engaged in exterior enterprise actions with out the agency’s approval, a violation of business guidelines and requirements. He additionally participated in and directed shoppers to personal investments.

Advisors and brokers should obtain a agency’s evaluation and approval to promote sure merchandise and run into hassle once they function exterior these strains.

“Between July 2023 and August 2025, Anguiano transferred funds from LPL accounts belonging to 2 of his clients into the checking account of a restricted legal responsibility firm he solely owned and managed,” in line with FINRA.

“In 5 separate transactions, Anguiano obtained $1,528,000 from the account of 1 buyer,” FINRA stated. “In 5 extra transactions between September 2024 and May 2025, he obtained $203,000 from the second buyer’s account.”

“Neither buyer licensed the transfers nor was conscious that Anguiano was redirecting their funds to his enterprise,” in line with FINRA.

Like many massive broker-dealers and registered capital allocation advisors, LPL may have issues with monetary advisors who break business gross sales guidelines and doubtlessly hurt shoppers.

For instance, one other ex-LPL Financial dealer in El Paso, Texas, who was fired by LPL final 12 months and handed away months later, is on the middle of a minimum of 9 pending investor lawsuits in opposition to his previous agency involving exterior enterprise actions and gross sales.

Over the summer season, one shopper alleged that the advisor, Michael C. Graham, made misrepresentations on a mortgage associated to an actual property deal.

That shopper is alleging damages of $25,000, in line with Graham’s profile on BrokerCheck. In the eight different related investor complaints, shoppers are alleging damages of virtually $840,000.

According to his BrokerCheck profile, Graham was registered with LPL Financial from 2019 to June 2025 when he was discharged, or fired.