Ex-SEC Boston Chief Joins LPL Financial as General CounselJoshua Gallu
LPL Financial Holdings Inc., 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 be managing director for legal and government relations at Boston-based LPL Financial, which specializes in the technology and service businesses, the firm said in a statement today. He will also serve on the management and risk oversight committees.
LPL Financial has been faulted in recent years by the Financial Industry Regulatory Authority, the brokerage industry self-regulator, and securities watchdogs from at least seven states, according to public filings with Finra.
“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.
The hiring of Bergers, 45, comes about a month after LPL Financial 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.
“I’ve been impressed with LPL’s recent investments in people and technology and the steps the company is taking to improve its compliance functions and risk oversight,” Bergers said in an e-mail. “I look forward to helping the firm provide the highest quality advice and service to investors.”