FINRA Bars Former LPL Rep for Converting $1.73 Million From Two Clients
The Financial Industry Regulatory Authority has barred former LPL Financial LLC registered representative Rudy Anguiano of Chino Hills, Calif., from the securities industry after finding he converted $1.73 million from two LPL customers between July 2023 and August 2025.
Anguiano consented to the bar and to the entry of FINRA’s findings without admitting or denying them in a letter of acceptance, waiver, and consent, or AWC, that he signed on Sept. 11. FINRA accepted the settlement on Sept. 25.
According to the AWC, Anguiano became the sole owner of a limited liability company in July 2023, through which he conducted an outside business activity. From July 2023 to August 2025, he received $1,528,000 in five transactions from an LPL account belonging to one customer, identified as Customer A, and deposited the money in the LLC’s bank account, which he controlled.
From September 2024 to May 2025, Anguiano received another $203,000 in five transactions from a second customer’s LPL account, which also went to the LLC’s account. Neither customer authorized the transfers or knew Anguiano was making them, FINRA said. LPL has reimbursed both customers in full, according to the AWC.
FINRA found that the conduct violated FINRA Rule 2150(a), which bars improper use of a customer’s securities or funds, and Rule 2010, which requires associated persons to observe “high standards of commercial honor and just and equitable principles of trade.”
“Converting customer funds is among the most serious violations a broker can commit,” said Bill St. Louis, executive vice president and head of enforcement at FINRA, in a statement. “Investors trust their brokers with their financial assets and protecting that trust is central to FINRA’s mission.”
The case originated from FINRA’s review of a Uniform Termination Notice, or Form U5, that LPL filed on Dec. 18, 2025, disclosing it had fired Anguiano for violating firm policy. LPL filed amended Forms U5 on May 8 and 21 disclosing two customer complaints. The complaints alleged Anguiano had “accepted” and “not returned” funds sent from the customers’ LPL accounts to a company “for which [Anguiano] was a sole member.”
Anguiano first registered with FINRA in February 2007 as an investment company and variable contracts products representative. He was registered with LPL from April 2022 to December 2025, also as a general securities representative.
After leaving LPL, Anguiano was registered with another FINRA member firm from January 2026 until July 8, when that firm filed a Form U5 disclosing his voluntary termination. The AWC does not name the firm.
The bar takes effect on the date of FINRA’s notice of acceptance and prohibits Anguiano from associating with any FINRA member firm in any capacity, including clerical or ministerial roles.
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