The Financial Industry Regulatory Authority (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.
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.