Category: Fines

The regulator revealed that between December 2018 and December 2023, Sigma submitted nearly 925,000 incorrect reports, representing almost all of its transactions during that time.  The FCA said the errors stemmed from incorrect system setup and remained uncorrected due to weaknesses in Sigma’s reporting processes. “The transaction reports we receive are crucial to the work…

FINRA stated that between July and September 2022, TradeStation issued promotional materials across its website, emails, and social media platforms that failed to clearly state that crypto assets were not offered through TradeStation itself but through an affiliated entity.  The affiliate was not a FINRA member or registered broker-dealer. According to FINRA, some communications gave…

According to FINRA, the fine is related to private placement solicitations and telemarketing practices between May 2021 and December 2023. The Florida-based brokerage reportedly failed to establish, maintain and enforce adequate supervisory systems and written procedures to ensure compliance with securities laws and telemarketing rules.  The firm was found to have violated FINRA Rules 3110,…

FINRA revealed in a recent release that the financial services firm was fined for lapses in supervision, inaccurate reporting, and failures under the Regulation Best Interest (Reg BI) framework. The Puerto Rico-based brokerage, which employs 42 registered representatives across four offices, submitted a Letter of Acceptance, Waiver, and Consent (AWC) agreeing to FINRA’s sanctions without…

FINRA found that between January 2017 and December 2018, JPMS failed to maintain a supervisory system capable of identifying whether its representatives were recommending unsuitable short-term trades in syndicate preferred stocks to retail customers.  The regulator said that at least 15 JPMS representatives were found to have advised customers to buy and then sell these…

The violations are said to include failing to maintain the required net capital while conducting securities business. According to a Letter of Acceptance, Waiver, and Consent published by FINRA, the Colorado-based municipal bond dealer operated below its minimum capital requirements in March 2022, breaching the Securities Exchange Act and several FINRA rules.  The regulator also…

In a Letter of Acceptance, Waiver and Consent published by Nasdaq Phlx, the firm was said to have violated multiple recordkeeping and supervisory rules, including US securities law and Phlx’s own procedural standards.  Specifically, the firm reportedly failed to correctly record order receipt, transmission and execution times for an estimated 139,511 manually routed options trades.…

ASIC said FSGA had failed to ensure that two of its representatives provided financial advice appropriate to clients’ circumstances or in their best interests.  The company also lacked adequate financial and human resources, failed to lodge financial statements and breach reports on time, and did not comply with licence conditions requiring its assets to exceed…

The findings, which Susquehanna accepted without admitting or denying, relate to violations that occurred between February 2021 and May 2023. FINRA's investigation revealed that Susquehanna failed to include the mandatory "No Remuneration" (NR) indicator in TRACE reports for transactions where no commission, mark-up, or mark-down was charged.  “Susquehanna inaccurately reported transactions in TRACE-Eligible Securities without…