Barred Broker Accused of Diverting $1.7 Million From Two Clients

Former LPL Financial broker Rudy Anguiano agreed to a bar from the securities industry under a Letter of Acceptance, Waiver, and Consent (AWC) with FINRA. According to FINRA, Anguiano converted $1,731,000 from two LPL customers between July 2023 and August 2025, in violation of FINRA Rules 2150(a) and 2010. Anguiano consented to FINRA's findings without admitting or denying them.

Anguiano first registered with FINRA in February 2007. From April 2022 to December 2025, he was registered with LPL Financial LLC. LPL terminated him on December 18, 2025, for violations of firm policy. In May 2026, LPL disclosed two customer complaints alleging that Anguiano accepted and did not return funds sent from the customers' accounts to a company in which he was the sole member. From January 2026 to July 2026, Anguiano was registered with another FINRA member firm, which reported his voluntary termination. He is no longer registered with any FINRA member firm, and the bar prevents him from working for one in any capacity.

FINRA Rule 2150(a) prohibits brokers from making improper use of a customer's securities or funds. FINRA Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Under these rules, "conversion" means intentionally taking someone else's property, or treating it as one's own, without permission. For example, a broker would violate these rules by wiring money from a client's account to pay the broker's personal bills, or by selling a client's shares and keeping the proceeds.

According to FINRA, Anguiano became the sole owner of a limited liability company in July 2023 and used it for an outside business. Over the next two years, Anguiano allegedly received $1,528,000 in five transfers from one customer's LPL account into the company's bank account, which he controlled. Between September 2024 and May 2025, he allegedly received another $203,000 in five transfers from a second customer's account. FINRA stated that neither customer authorized the transfers or knew about them. In total, ten transfers moved $1,731,000 from customer accounts into a business account under Anguiano's control. LPL later reimbursed both customers in full.

Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.

The content on this site reflects personal opinions and does not constitute statements of fact. No findings have been made against the firms or individuals mentioned. This blog is intended solely for educational purposes, drawing on publicly available information to provide general insights and a basic understanding of the law. It is not a substitute for legal advice.