Credit unions in Utah caught up in a broker-dealer problem.

Three companies that provide investment services to members of seven Utah credit unions are facing combined fines of more than $2.2 million for misleading sales and marketing practices, failing to supervise the broker business run through the credit unions, not following or enforcing policies and procedures, and allowing unlicensed employees to provide investment advice to members.

These alleged regulatory violations brought by Utah’s Division of Securities have been flatly denied by the San Diego-based CUSO Financial Services. However, LPL Financial LLC in Boston said it is committed to enhancing its risk management and compliance structures, and is looking forward to proactively working with Utah DOS to resolve this matter. Cetera Advisor Networks LLC in El Segundo, Calif., did not respond to CU Times’ request for comment.

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Peter Strozniak


Credit Union Times

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