FINRA Bars Broker for Misappropriating $1.7 Million from Customers’ Accounts

Former Broker Transferred Client Funds to His Own Company’s Bank Account Over Two Years

WASHINGTON--(BUSINESS WIRE)--FINRA has barred Rudy Anguiano of Chino Hills, CA, a former registered representative of LPL Financial LLC, from associating with any FINRA member firm in all capacities for conversion—the intentional and unauthorized taking of another person’s property—of $1,731,000 from two customers’ accounts into an outside business bank account. LPL has since reimbursed both customers in full.

FINRA opened an investigation into Anguiano’s activities in December 2025 after LPL disclosed that Anguiano had been discharged for failing to disclose his outside business.

“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. 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.”

Between July 2023 and August 2025, Anguiano transferred funds from LPL accounts belonging to two of his customers into the bank account of a limited liability company he solely owned and controlled. In five separate transactions, Anguiano received $1,528,000 from the account of one customer. In five additional transactions between September 2024 and May 2025, he received $203,000 from the second customer’s account. Neither customer authorized the transfers nor was aware that Anguiano was redirecting their funds to his business.

By converting these funds, Anguiano violated FINRA Rule 2150 (Improper Use of Customers' Securities or Funds; Prohibition Against Guarantees and Sharing in Accounts). This conduct also violated FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) because using access to customer accounts for personal gain is fundamentally unethical conduct and undermines investor confidence in the financial markets.

In settling this matter and agreeing to a bar from associating with any FINRA member firm, Anguiano consented to the entry of FINRA’s findings, without admitting or denying the charges.

FINRA makes available disciplinary actions and other information on its Disciplinary Actions Online database. In addition, FINRA publishes on its Monthly Disciplinary Actions page a summary of disciplinary actions against member firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board. FINRA’s use of fine monies is limited to specific purposes set forth in its public Financial Guiding Principles, which are approved by its Board of Governors. FINRA publicly itemizes and discloses how it uses fine monies each year. Information about individual brokers is also available on FINRA’s BrokerCheck website.

About FINRA

FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.