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The Securities and Exchange Commission today (Sept. 11) took an enforcement action against LPL Financial for failing to adopt policies to safeguard customers' personal information, hence leaving them vulnerable to identity theft. Financial services firm LPL has its headquarters in San Diego, Boston, and Charlotte. The firm agreed to pay a $275,000 penalty without admitting or denying the agency's charges. The SEC concluded that LPL conducted an internal audit in mid-2006 that identified inadequate security controls to protect customer private information. In particular, LPL identified the risk of computer hacking. But the firm didn't take timely action, because hacking incidents arose in July of 2007. According to the SEC, LPL experienced many hacking incidents between July of 2007 and early 2008. The hackers placed or attempted to place 209 unauthorized securities trades worth more than $700,000 in 68 customer accounts, according to the SEC.
The Securities and Exchange Commission today (Sept. 11) took an enforcement action against LPL Financial for failing to adopt policies to safeguard customers' personal information, hence leaving them vulnerable to identity theft. Financial services firm LPL has its headquarters in San Diego, Boston, and Charlotte. The firm agreed to pay a $275,000 penalty without admitting or denying the agency's charges. The SEC concluded that LPL conducted an internal audit in mid-2006 that identified inadequate security controls to protect customer private information. In particular, LPL identified the risk of computer hacking. But the firm didn't take timely action, because hacking incidents arose in July of 2007. According to the SEC, LPL experienced many hacking incidents between July of 2007 and early 2008. The hackers placed or attempted to place 209 unauthorized securities trades worth more than $700,000 in 68 customer accounts, according to the SEC.