The state of North Carolina has fined LPL Financial $25,000 and ordered the broker-dealer to reimburse the state $270,000 for the cost of investigating a $1.4 million Ponzi scheme.

From May 2012 to December 2014, Charles Fackrell of Booneville, N.C., ran a Ponzi scheme that misused funds from at least 20 clients when he was a broker affiliated with LPL.

He “used his position of trust to solicit victim investors and steer them away from legitimate investments to purported investments with” various “Robin Hood” named entities that Mr. Fackrell controlled and through which he could access victim’s funds, according to the U.S. Attorney’s office.

(More: Former LPL Financial rep gets more than five years for Ponzi scheme.)

Mr. Fackrell pleaded guilty to one count of securities fraud in April 2016 and was sentenced last December to 63 months in jail.

He also was ordered to serve three years under court supervision after he is released from prison and to pay almost $820,000 in restitution to clients.