BOSTON LPL Financial Holdings, which provides broker-dealer services for hundreds of credit unions, yesterday said fourth quarter net income declined 7% to $36.9 million.
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Fourth quarter revenue rose 14% to $944.2 million.
LPL said it has agreed to settle charges with state regulators that it improperly sold commercial real estate investments, or REITs. The company will pay back more than $2 million to Massachusetts investors and pay a $500,000 fine.
For the full year, LPL reported a 5% rise in revenue to $3.7 billion and an 11% decline in net income to $151.9 million. Among the recent signings for LPL are Alliant CU, University of Wisconsin CU and Florida Commerce CU.
