FINRA bars ex-LPL broker for borrowing client funds

    

"(Reuters) - A former LPL Financial LLC broker who borrowed nearly $2.3 million from clients to build a vacation rental property in Hawaii has been permanently barred from the securities industry in a settlement reached with Wall Street's watchdog.

Raymond Daniel Schmidt, who was affiliated with the unit of LPL Financial Holdings Inc in Oceanside, California, borrowed the money from seven clients between 2009 and 2012, a violation of industry rules, according to a settlement with the Financial Industry Regulatory Authority (FINRA) on Wednesday."

More here: http://www.reuters.com/article/2015/03/26/finra-broker-idUSL2N0WS34C20150326

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