FINRA Bars Former LPL Financial Rep for Misappropriating $1.7M

FINRA has barred Rudy Anguiano of Chino Hills, California, a former registered representative of LPL Financial LLC, from associating with any FINRA member firm in all capacities. The regulator found that Anguiano converted $1,731,000 from two customers' accounts into an outside business bank account. LPL Financial has since reimbursed both customers in full.

FINRA opened its investigation in December 2025 after LPL disclosed that Anguiano had been discharged for failing to disclose his outside business. Between July 2023 and August 2025, Anguiano transferred funds from LPL accounts belonging to two of his customers into the bank account of a limited liability company he solely owned and controlled. In five separate transactions, he received $1,528,000 from one customer's account. In five additional transactions between September 2024 and May 2025, he received $203,000 from the second customer's account. Neither customer authorized the transfers or was aware that Anguiano was redirecting their funds to his business.

According to FINRA, Anguiano violated FINRA Rule 2150 (Improper Use of Customers' Securities or Funds; Prohibition Against Guarantees and Sharing in Accounts) and FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade). The regulator said that using access to customer accounts for personal gain is fundamentally unethical and undermines investor confidence in the financial markets.

In settling the matter and agreeing to the bar, Anguiano consented to FINRA's findings without admitting or denying the charges.