In another settlement announced Wednesday, LPL agreed to pay $1.8 million to close a leveraged ETF case brought by the Massachusetts attorney general and the Delaware Department of Justice.
That amount includes a $200,000 penalty and $1.6 million to compensate investors and to put toward investor education, according to the Massachusetts attorney general.
The two states alleged that LPL failed to supervise financial advisors whose clients held the risky ETFs for extended periods of time.
“These matters were both anticipated and have been previously accrued for,” Gilchrist said of the REIT and ETF cases.