Bloomberg News

Former SEC Boston Chief Joins LPL Financial as General Counsel

June 20, 2013

LPL Financial Holdings Inc. (LPLA:US), the brokerage fined last month for systemic failures and misstatements, has hired the former head of the U.S. Securities and Exchange Commission’s Boston office as its general counsel.

David Bergers, who starts work on Aug. 5, will also serve as managing director for legal and government relations at LPL, which specializes in the technology and service businesses, the firm said in a statement today. He will also be a member of the management and risk oversight committees.

In recent years, LPL Financial has been faulted by the brokerage industry’s self-regulator as well as by securities regulators from at least seven states, according to public filings with the Financial Industry Regulatory Authority.

The hiring of Bergers, 45, comes about one month after Boston-based LPL agreed to pay $9 million to resolve Finra claims that it failed to supervise employees’ e-mails and made misstatements to investigators. LPL said it regretted the lapses and that the firm had taken steps to redesign its compliance program.

“We are fortunate to have someone of David’s caliber and expertise in regulatory and other matters joining LPL Financial to head our legal and government relations functions,” Mark Casady, the firm’s chairman and chief executive officer, said in the statement.

To contact the reporter on this story: Joshua Gallu in Washington at jgallu@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net


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Companies Mentioned

  • LPLA
    (LPL Financial Holdings Inc)
    • $47.9 USD
    • 0.46
    • 0.96%
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