The New York-based retail foreign exchange dealer, which is owned by proprietary trading firm FTMO, agreed to the settlement without admitting or denying the allegations, according to a decision published by the NFA’s Business Conduct Committee (BCC) on Wednesday. The BCC found that Oanda failed to properly increase its net capital in accordance with liabilities…
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According to a letter of acceptance, waiver, and consent, published by FINRA, the New York-based brokerage firm paid more than 100 influencers to promote its services on platforms like Instagram and YouTube between January 2020 and March 2023. These paid posts, which attracted over 23,000 new accounts, are said to have often included misleading or…
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The Florida-based brokerage firm was also ordered to pay $38,591.39 in restitution to affected customers and undertake corrective measures. According to FINRA, between February 2021 and the present, AAG Capital did not implement a system reasonably designed to comply with Regulation Best Interest (Reg BI) when recommending registered index-linked annuities (RILAs) to retail clients. The…
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The regulator said the company failed to maintain adequate safeguards for customer information over an eight-year period. Between January 2014 and March 2022, FINRA claims it found that Wells Fargo did not have a supervisory system or written procedures reasonably designed to protect client data. They explained that when certain registered representatives left the firm,…
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The penalty was issued under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. It follows Cointree’s voluntary disclosure that it had not submitted SMRs within the required timeframes. AUSTRAC CEO Brendan Thomas said, “SMRs provide AUSTRAC and our law enforcement partners with information about suspected misuse of the financial system and this information goes on…
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The failings are said to include inadequate oversight of paid influencers and widespread disclosure lapses affecting millions of clients. FINRA said Webull failed to supervise or retain records of promotional content produced by more than 400 paid social media influencers between January 2019 and December 2022. They add that some of the content contained exaggerated…
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In a letter of acceptance, waiver, and consent published on May 1, FINRA stated that the firm failed to accurately report statistical and summary information regarding written customer complaints from January 2020 through June 2022, in violation of FINRA Rule 4530. During this period, the regulator said that at least 300 complaints went unreported, including…
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The fine is for failing to disclose disciplinary history in key customer documentation, according to a Letter of Acceptance, Waiver, and Consent, published by FINRA. The violations relate to Regulus's failure to properly complete and update its Form CRS, a customer relationship summary mandated by the U.S. Securities and Exchange Commission (SEC) to promote transparency…
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The fine is for violations of block trade regulations, according to the disciplinary notice published by CME Group. In addition to the fine, Gain Global has been ordered to disgorge $449,910 in profits. The penalties stem from findings by NYMEX's Business Conduct Committee, which concluded that the firm engaged in prohibited pre-hedging activity on multiple…
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According to a disciplinary notice issued by the exchange, the violations occurred across various NYMEX Energy futures and spread markets between 6–31 March 2023 and 2–20 June 2023. TFS Derivatives neither admitted nor denied the findings but accepted the settlement terms. The NYMEX Business Conduct Committee reportedly found that TFS repeatedly reported block trades with…
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