The Chicago-based brokerage, a FINRA member since 2016, was also censured as part of the settlement. Between July 2021 and July 2023, FINRA said Tastytrade failed to establish and maintain a supervisory system in compliance. They added that the firm’s written supervisory procedures (WSPs) were said to have been inadequate, lacking clear processes for reviewing…
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The violations, which spanned several years, are said to have highlighted lapses in advertising practices, supervision, and privacy compliance. According to FINRA’s findings, retail trading platform Moomoo Financial paid social media influencers to promote its services but failed to ensure these promotions were "fair and balanced." FINRA said some influencer posts made misleading claims about…
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The regulator said that between June 2020 and February 2022, Travis Klein, a trader at the bank, was able to record and conceal these fraudulent trades to mask his mounting losses. Despite previous warnings about weaknesses in its systems, Macquarie Bank failed to implement effective measures to prevent such misconduct, according to the FCA. “Despite…
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The FCA announced the decision and said it follows Barclays’ withdrawal of its referral of the case to the Upper Tribunal. “The action was based on findings which included that Barclays' conduct in its October 2008 capital raising was reckless and lacked integrity,” stated the FCA. The regulator explained that it first issued warning notices…
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Metro Bank has been fined £16.67 million by the Financial Conduct Authority (FCA) for serious financial crime failings, the regulator revealed on Tuesday. The FCA said that between June 2016 and December 2020, Metro failed to implement adequate systems and controls to monitor over £51 billion worth of transactions for potential money laundering. They explained…
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The financial giant was found to have breached several rules, including a failure to implement sufficient pre-trade controls and a lack of adequate monitoring of trading activity. The incident that led to the fine occurred on May 2, 2022, when a significant price drop was observed across multiple financial instruments and indices traded on Nasdaq…
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According to the SEC's order, Invesco falsely claimed that a significant portion of its assets under management were "ESG integrated." However, the reality was that many of these assets were held in passive exchange-traded funds (ETFs) that did not consider ESG factors in their investment processes. “Invesco told clients and stated in marketing materials that…
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The company is said to have failed to respond in a timely manner to multiple requests for information. The fines stem from three separate incidents between June 2021 and August 2023. In each case, FINRA said it requested information from Spartan Capital as part of an investigation, but the brokerage firm failed to meet the…
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According to FINRA, from August 2019 to June 2023, Morgan Stanley failed to establish and document a robust system to prevent the entry of erroneous orders. It is said that the firm's procedures for placing new clients into groups with specific order controls were unclear, and the rationale for setting thresholds for order size and…
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The investigation originated from Käärmann's inclusion on the HMRC list of individuals who received penalties for deliberate tax defaults in 2017/2018. While the FCA said in its release that it did not find that Käärmann acted with a lack of integrity or was unfit to perform his role, it determined that he should have notified…
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