SEC Fines Ex- LPL Broker for Churning

Churning occurs when a stockbroker does excessive trading in a client’s account. The trades are designed to maximize commissions for the broker instead of profits for the customer. Churning is illegal and prohibited by both the SEC and the Financial Industry Regulatory Authority (FINRA). Earlier this week the SEC fined former LPL broker Paul Lebel $56,000 for excessive trading.Read the full article