Patrick Donachie

The wirehouse is accusing Corbin Hoffner of abruptly departing for Raymond James and soliciting the clients of a recently retired advisor just days after he took over the accounts.

The firms named include Integrated Advisors Network, Richard Berstein Advisors and Abacus Planning Group, all of which paid six-figure fines.

The Bedminster-based firm with about 240 advisors was introduced to LPL during the acquisition of Atria Wealth Solutions earlier this year.

Benchmark Wealth Management will join the large RIA, which continues to focus on inorganic growth after expanding its M&A executive team earlier this year.

According to the settlement letter, the brokerage regulator argued Raymond James didn’t properly check that personnel were filling out forms to ensure that written customer complaints were submitted to FINRA quarterly.

The firm relied on “third-party automated surveillances” to check for potentially manipulative wash and prearranged trading which had overly narrow parameters, according to FINRA.

The Investment Adviser Association argues the rule was “adopted largely as proposed” and is “too prescriptive.”

Wells Fargo is also named in a separate lawsuit filed this week. In it, a former client services associate alleges she was subject to continued mistreatment from a superior without action from the bank.