Category: Regulation

FINRA building
April 03, 2025 BY Sam Boughedda

Revere Securities Fined $125,000 by FINRA

According to FINRA, between April 2013 and February 2023, Revere mismarked approximately 19,000 order tickets related to syndicate offerings, including initial public offerings (IPOs), bonds, and real estate investment trusts (REITs).  The firm reportedly classified these transactions as unsolicited, despite its registered representatives having solicited most of the trades. The misclassification led to inaccurate books…

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FINRA building
March 28, 2025 BY Sam Boughedda

USCA Securities Hit With FINRA Fine

USCA Securities has been fined $75,000 by the Financial Industry Regulatory Authority (FINRA) for multiple violations, including failing to maintain its required minimum net capital and submitting inaccurate financial reports. According to a Letter of Acceptance, Waiver, and Consent published by FINRA, USCA operated below its required net capital on 35 occasions between January and…

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FINRA's 2018 volume tops 2017 activity by 87%
March 20, 2025 BY Sam Boughedda

FINRA Fines National Financial Services for Failing to Timely Transfer Customer Assets

According to FINRA, between April 2009 and May 2023, NFS failed to transfer over 5,600 Unit Investment Trusts (UITs) through the Automated Customer Account Transfer Service (ACATS).  Additionally, the firm reportedly did not process approximately 4,000 of these UITs as in-kind transfers, despite customer instructions, instead redeeming them for cash. FINRA found that some transfers…

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March 17, 2025 BY Sam Boughedda

ASIC Applies For Appointment of Liquidators to Falcon Capital Limited, First Guardian Master Fund

ASIC is also seeking the appointment of a receiver and manager over the personal property of Falcon director David Anderson. The move follows a court-ordered asset freeze in February 2025 amid concerns over First Guardian’s management.  Withdrawals from the fund have been suspended since May 2024, with limited exceptions.  ASIC alleges that $274 million of…

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Hong Kong SFC
March 14, 2025 BY Sam Boughedda

Hong Kong's SFC Seeks Disqualification and Compensation Orders Against Former Board of 3DG Holdings

The legal proceedings regard their alleged failure to prevent the misappropriation of HK$74.4 million in corporate funds. The SFC said it is seeking disqualification orders to bar the directors from serving in corporate roles and compensation orders to recover the lost funds.  The directors named in the case include Xu Zhigang, the company’s former CEO,…

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March 14, 2025 BY Sam Boughedda

Italy's Consob Blocks 5 Websites

The sites affected include four illegal financial intermediaries and one website promoting an unregistered brokerage platform, Consob said in a statement.  The move brings the total number of blacklisted sites to 1,252 since July 2019, when the regulator was given the authority to block financial websites it deems as fraudulent under the "Growth Decree" and…

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March 13, 2025 BY Sam Boughedda

ASIC Sues FIIG Securities for Cybersecurity Failures

The failures allegedly exposed sensitive client data over a four-year period. According to ASIC, FIIG failed to implement adequate cybersecurity measures between March 2019 and June 2023, allowing a hacker to infiltrate its IT network undetected for nearly three weeks.  This breach resulted in the theft of approximately 385GB of confidential data, affecting 18,000 clients,…

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FINRA's 2018 volume tops 2017 activity by 87%
March 07, 2025 BY Sam Boughedda

Redbridge Securities Fined by FINRA

The regulator revealed in a filing that the failures included deficiencies in its anti-money laundering (AML) program and market manipulation oversight. According to FINRA, between September 2019 and October 2023, Redbridge, which provides self-directed trading to retail investors, failed to establish an AML program reasonably designed to detect and report suspicious activity.  The firm’s oversight…

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