State of Nevada Office of The Secretary of State Securities Division

Neither the outside consulting firm nor Respondents provided the required documentation in a timely fashion, nor did the outside consulting firm make the required on-site inspections of RFH's place of business or provide the required written inspection reports. Respondents RFH and Tommy O are required to disclose the Order dated April 8, 2016, in their CRD records, including in RFH's Form ADV; Respondents RFH and Tommy O did not disclose the Order dated April 8, 2016, in their CRD records or in RFH's Form ADV. It is a violation of NRS § 90.420(1)(b), to fail to comply with an administrative order. Pursuant to NAC § 90.380(2), an investment advisor is required to update its Form ADV within 30 days after the event that requires the filing of the amendment.

Order

Civil and Administrative Penalty(ies)/Fine(s)

$12,500.00

n/a

State of Nevada Office of The Secretary of State Securities Division

The Securities Division of the Office of the Secretary of State ("Division") During its initial review of Ratio Financial Holding' s licensing application that LPL terminated Mr. O's employment with LPL because Mr. O failed to cooperate with LPL's compliance department during a LPL compliance branch exam. The Division also discovered during said application review that Mr. O violated LPL's policies and procedures by borrowing money from an LPL client.

Order

Limiting the licensing of Respondent is appropriate pursuant to NRS 90.420(1) due to 15 the facts and circumstances surrounding Mr. O's termination with LPL.

LPL FINANCIAL LLC

Discharged

FAILURE TO COOPERATE WITH THE FIRM'S COMPLIANCE DEPARTMENT DURING A BRANCH EXAM.