FINRA Bars Former LPL Broker Over $1.7 Million Customer-Fund Conversion

FINRA barred Rudy Anguiano, a former registered representative of LPL Financial, from associating with any FINRA member firm after finding he converted $1,731,000 from two customers’ accounts. The regulator announced the action on September 29.

FINRA said Anguiano transferred the money to the bank account of a limited liability company he solely owned and controlled. The agency said that in ten transactions between July 2023 and August 2025, he received $1,528,000 from one customer and $203,000 from another. FINRA said neither customer authorized the transfers or knew their funds were being redirected.

The regulator said LPL reimbursed both customers in full. FINRA’s settlement says Anguiano consented to the findings and the industry bar without admitting or denying the charges. FINRA cited Rule 2150, which concerns improper use of customer securities or funds, and Rule 2010, its standards of commercial honor rule.

Why it matters

For anyone maintaining a brokerage account, the case reinforces the value of reviewing account activity, transfer instructions and outside-business disclosures. A broker’s registration does not remove the need for account-level controls, including prompt scrutiny of transactions that do not match an investor’s instructions.

What to watch next

Investors can use FINRA BrokerCheck and review statements for unexpected transfers or account changes. The primary release links to FINRA’s disciplinary resources and the settlement record, which provide the underlying enforcement details.