Category: Fines

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…

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…

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…

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,…

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…