- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-06T19:16:00
The Financial Industry Regulatory Authority (FINRA) published disciplinary actions against four firms for failing to establish, maintain, and enforce a reasonably designed supervisory system over fully paid securities lending.
FINRA on Tuesday published settlements with SoFi Securities, Open to the Public Investing, M1 Finance, and SogoTrade for alleged violations of Rules 3110 and 2010. SoFi, Open to the Public Investing, and M1 Finance were each fined $500,000 and ordered to pay restitution of varying amounts, while SogoTrade was fined $100,000 plus restitution.
In the cases of SoFi, M1 Finance, and SogoTrade, the alleged violations were observed starting from January 2019 and into this year. The period noted at Open to the Public Investing was May 2020 through September 2022.
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Bank of America Securities agreed to pay $24 million in settling with the Financial Industry Regulatory Authority for allegedly failing to supervise the “spoofing” activities of two former traders in U.S. Treasury markets.
TD Private Client Wealth agreed to pay a $600,000 penalty levied by the Financial Industry Regulatory Authority for allegedly failing to review millions of employee emails as required by the self-regulatory organization’s rules.
HSBC Securities (USA) agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged inaccurate disclosures related to conflicts of interest.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
