FINRA has permanently barred Rudy Anguiano, a former registered representative at LPL Financial LLC, from associating with any FINRA member firm after he converted $1.7 million from two customers’ accounts into a personal business bank account over two years. The regulator opened its investigation in December 2025 following LPL’s disclosure that Anguiano had been terminated for failing to disclose the outside business. LPL Financial has reimbursed both customers in full.
- Amount Misappropriated: $1,731,000 from two customer accounts
- First Customer: $1,528,000 transferred in five separate transactions (July 2023-August 2025)
- Second Customer: $203,000 transferred in five separate transactions (September 2024-May 2025)
- Investigation Opened: December 2025
Between July 2023 and August 2025, Anguiano of Chino Hills, California, transferred funds from LPL accounts without customer knowledge or authorization into the bank account of a limited liability company he solely owned and controlled. Neither customer was aware their funds were being redirected. By converting these funds, Anguiano violated FINRA Rule 2150 (Improper Use of Customers’ Securities or Funds) and FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade), as using access to customer accounts for personal gain constitutes fundamentally unethical conduct that undermines investor confidence.
Converting customer funds is among the most serious violations a broker can commit. Investors trust their brokers with their financial assets and protecting that trust is central to FINRA’s mission. Staff across FINRA’s newly consolidated Regulatory Operations team collaborated quickly and effectively to make this serious matter a priority and to bring it to a quick and appropriate resolution.
– Bill St. Louis, Executive Vice President and Head of Enforcement, FINRA
Anguiano consented to the entry of FINRA’s findings and the permanent bar without admitting or denying the charges. The case details are now available in FINRA’s Disciplinary Actions Online database and on its BrokerCheck website, where investors and firms can access information about registered brokers and disciplinary history.
Bill St. Louis, Executive Vice President and Head of Enforcement at FINRA. Source: LinkedIn
