Finra Bars Former LPL Broker Who Allegedly Stole $1.7 Million From 2 Clients -- Barrons.com

By Kenneth Corbin

A former LPL Financial broker has been barred from the industry for allegedly stealing $1.7 million from two clients and funneling the money into an outside business that he operated. Rudy Anguiano, of Chino Hills, Calif., settled the allegations without admitting or denying wrongdoing.

Anguiano and his lawyer didn't immediately respond to requests for comment.

Finra, the brokerage industry's self-regulator, began investigating Anguiano after LPL dismissed him in December 2025, saying that he was discharged for undisclosed outside business activities. In May, LPL updated the form detailing Anguiano's termination to note that he was the subject of two customer complaints.

In a letter detailing the settlement, Finra says that from July 2023 through August 2025, Anguiano made 10 unauthorized transfers, shifting money from two clients' LPL accounts to the bank account of a limited liability corporation that he owned. Finra says the theft involved five transactions that siphoned $1,528,000 from one LPL client and another five transfers of $203,000 from a second client. The clients didn't authorize the transactions and weren't aware of the activity, according to Finra.

"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. "Investors trust their brokers with their financial assets and protecting that trust is central to Finra's mission."

Finra says that LPL has wholly reimbursed both customers. A search of the Justice Department website doesn't indicate that he is facing any federal criminal charges.

Anguiano first registered as a broker in 2007 with WAMU Investments, which was the brokerage arm of the now-defunct Washington Mutual bank, according to the online database BrokerCheck. He then had relatively brief stints at LPL, U.S. Bancorp Investments, Wells Fargo, Waddell and Reed, and Ameriprise before returning to LPL in 2022. This January, he briefly joined Alexander Capital before his "voluntary termination" in July, according to Finra.

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October 01, 2026 13:14 ET (17:14 GMT)