A former LPL Financial broker and supervisor has consented to a six-month suspension and a $15,000 fine after failing to reasonably supervise a registered representative, according to the Financial Industry Regulatory Authority Inc.
Peter Neuberg stopped regularly reviewing paperwork prepared by the rep, who altered documents relating to customer accounts, including reusing signatures from previously completed forms, according to an
enforcement document Finra signed Monday. Mr. Neuberg agreed to the suspension and fine without admitting or denying the findings.
The supervisory failure of his assistant occurred from September 2011 to June 2012, according to Finra. Mr. Neuberg was registered with LPL in Parsippany, N.J., from November 2000 to September 2012, before registering at BCG Securities Inc.,
BrokerCheck shows.
LPL discharged him due to allegations he violated the firm's signature policy.
The person under Mr. Neuberg's supervision falsified documents to expedite transactions as an accommodation to customers, according to Finra's enforcement document. He failed to make a reasonable inquiry or conduct a review of the files she handled, even after she asked whether she was allowed to use white-out on customer documents around December 2011.
Mr. Neuberg also failed to train her properly, according to Finra.
As part of his settlement, Mr. Neuberg must re-qualify as a "general securities principal" by passing the Series 24 examination before associating with any Finra member firm after his suspension.
Mr. Neuberg could not be reached for comment. Adam Paglione, chief compliance officer at BCG Securities in Cherry Hill, N.J., didn't immediately return a phone call seeking comment.
Lauren Hoyt-Williams, a spokeswoman for LPL, declined to comment.
