- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-03-19T18:48:00
The Financial Industry Regulatory Authority (FINRA) fined Chicago-based financial technology company M1 Finance $850,000 as part of a settlement addressing alleged improper use of a social media influencer program.
M1 paid influencers to post promotions that were “not fair and balanced,” thus violating FINRA Rules 2210 and 2010, the self-regulatory organization announced in a press release Monday. The case marks the first of its kind by FINRA regarding violations of social media promotion rules, which were highlighted in targeted firm examinations starting in September 2021.
M1 agreed to a censure and certain remedial measures to comply with FINRA Rule 2210 in reaching settlement.
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Online brokerage services provider TD Ameritrade agreed to pay a $600,000 fine for violations of Financial Industry Regulatory Authority rules over its automated approval system that allegedly allowed inexperienced traders to engage in options trading.
A Barclays unit agreed to pay $700,000 to settle allegations levied by the Financial Industry Regulatory Authority that its research analysts violated conflict-of-interest rules and the firm failed to sufficiently supervise their trades.
Two subsidiaries of Stifel Financial Corp. agreed to pay a collective total of about $2.3 million over alleged violations of Financial Industry Regulatory Authority rules regarding nontraditional exchange-traded products.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
