FINRA Bars Former LPL Rep Over Client Fund Theft
Regulators have barred a former LPL Financial registered representative, alleging he took over $1.7 million from two customers’ accounts and placed it in an outside bank account he controlled.
FINRA alleged that between July 2023 and August 2025, Rudy Anguiano transferred funds from the LPL accounts into the bank account of a limited liability company he owned and controlled.
In a statement, FINRA Enforcement Head Bill St. Louis called “converting customer funds” one of “the most serious violations a broker can commit,” arguing that “investors trust their brokers with their financial assets and protecting that trust is central to FINRA’s mission.”
Anguiano is based in Chino Hills, Calif., located between Los Angeles and San Bernardino. According to FINRA records, Anguiano registered in 2007 with Wamu Investments, with tenures at LPL, U.S. Bancorp, Wells Fargo, Waddell & Reed and Ameriprise that ranged between one and four years. In 2022, he rejoined LPL Financial.
According to the order settling the charges, Anguiano launched the outside LLC in 2023, and over the next several years, made separate transactions from two clients’ bank accounts.
According to FINRA, he allegedly transferred $1.53 million over five separate transactions and $203,000 from a second client over five transactions, for a total of $1.73 million. Neither client authorized the transactions (nor were they even aware of them).
In December of last year, FINRA filed a notice with FINRA that it had fired Anguiano. In May, LPL amended its Form U5, disclosing that Anguiano was the subject of two client complaints alleging he’d “accepted and not returned funds sent from the customers’ LPL accounts” to a company he controlled.
According to FINRA, LPL reimbursed both clients in full. LPL did not respond to a request for comment prior to publication.
Starting in January, Anguiano registered with Alexander Capital, but the firm filed a Form U5 “disclosing Anguiano’s voluntary termination from the firm” in July. In agreeing to the industry bar, Anguiano did not admit or deny the findings, and he could not be reached for comment.
