FINRA Suspends Former LPL Broker

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FINRA Suspends Former LPL Broker

FINRA has suspended former LPL Financial broker and supervisor Peter Neuberg for six months and has fined him $15,000 after failing to reasonably supervise a registered representative, according to the regulatory agency. Neuberg ceased regularly reviewing paperwork prepared by the representative, who altered documents pertaining to customer accounts, including reusing signatures from previously completed forms, FINRA says.

Neuberg agreed to the suspension and fine without admitting or denying the findings.

The supervisory failures occurred between September 2011 and June 2012, according to FINRA. Neuberg was registered with LPL in Parsippany, New Jersey from November 2000 to September 2012 before registering at BCG Securities, Inc., according to FINRA’s BrokerCheck.

LPL terminated him because of the allegations that he violated the firm’s signature policy.

The representative Neuberg was supposed to be supervising falsified documents to expedite transactions to accommodate customers, FINRA says. He failed to make a reasonable inquiry or conduct a review of the files she handled, even after she asked whether she was allowed to use white-out on customer documents around December 2011.

Neuberg also failed to train her properly, according to FINRA

As part of his settlement, Neuberg must re-qualify as a “general securities principal” by passing the Series 24 examination before associating with any FINRA member firm after his suspension.

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