A broker formerly registered with LPL Financial was barred on Tuesday by the Securities and Exchange Commission for churning and excessively trading mutual funds in customer accounts and generating excess fees.

Paul Lebel, an LPL broker from 2008 to 2014, “during his employment with LPL, defrauded four customers by churning several of their accounts,” according to the SEC administrative proceeding, which was a settlement with Mr. Lebel. “In particular, Lebel exercised de facto control over these customers’ accounts and excessively traded mutual fund shares which carry large front-end load fees.”

Mr. Lebel bought and sold mutual fund A shares, which are meant to be long-term, buy-and-hold investments, generating $50,000 in commissions, according to the SEC. Mr. Lebel will pay $56,500 as part of the settlement.

“Lebel’s excessive trading was inconsistent with the customers’ investment objectives, and willfully disregarded the customers’ interest,” according to the SEC. “From August 2008 through August 2014, Lebel executed numerous mutual fund A share trades that, in light of Lebel’s customers investment objectives, were fraudulent, made to the detriment of Lebel’s customers, and without justification other than the generation of commissions for Lebel.”

Mr. Lebel could not be reached for comment. Jeff Mochal, as spokesman with LPL did not immediately comment.

(See: Finra bars former broker for lifting $400,000 from parents’ accounts )