Tag: FINRA

finra
August 16, 2021 BY Steffy Bogdanova

FINRA releases warning about phishing email scam

Because the domains show some similarities to the official FINRA domain, it could easily confuse some people. This is especially true if they are relatively new to the company or are not particularly tech literate. FINRA has made it clear that it is important to provide training to employees to ensure that they are aware…

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Robinhood
July 29, 2021 BY Steffy Bogdanova

Robinhood attracts heavy regulatory demands

As a public company Robinhood will now be required to release quarterly financial results. Those will include previously undisclosed information on the crypto and options trading contribution to the company’s revenue. The public listing will also require the company to announce any sort of information that may affect its stock price such as government probes,…

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Robinhood
July 01, 2021 BY Alan Sayer

Robinhood breaks record for largest FINRA penalty with $70 million

One tragic impact of Robinhood’s failures was the suicide of a 20-year-old trader. FINRA noted that the trader had turned margin off on his Robinhood account, so was shocked to find margins had been used. On top of this, the Robinhood app showed a negative balance on his account, which wasn’t accurate. Robinhood’s behaviour directly…

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Apifiny earns broker-dealer license from FINRA for subsidiary firm
April 30, 2021 BY Steffy Bogdanova

Apifiny earns broker-dealer license from FINRA for subsidiary firm

Haohan Xu, CEO of Apifiny, said: As we accelerate our product development, partnerships, hiring, and overall growth toward a public offering, securing this first phase of our broker-dealer license is a major milestone. Apifiny is able to connect to worldwide cryptocurrency exchanges, working to provide a single market opportunity to its professional trade clients. Not…

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Forex Weekly Look Back
April 23, 2021 BY Steffy Bogdanova

Forex Weekly Look Back: CLS reports an increase in March trading volumes, Lars Gottwik leaves JFD

Robinhood has announced Christine Brown will lead its crypto division as Chief Operating Officer. At her new position, she’ll oversee all of crypto operations and compliance. Brown will also keep her current position of Robinhood Markets’ VP of Product Operations. The Crypto division is part of Robinhood’s efforts to expand access to financial services to…

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finra
April 21, 2021 BY Steffy Bogdanova

FINRA bars former Goldman Sachs research analyst Brian Maguire

The US watchdog found that in April and June last year, Maguire bought shares of two companies in undisclosed accounts after learning important information not yet open to the public. He received internal emails revealing that the research analyst covering those companies was upgrading his recommendation from “Neutral” to “Buy” in upcoming research reports. Maguire…

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Robinhood
April 12, 2021 BY Steffy Bogdanova

Controversy for Robinhood as it fails to report fractional shares trading

The Financial Industry Regulatory Authority has been known to fine brokerages in the past for failing to report such transactions, including Deutsche Bank’s U.S. securities branch and Merrill Lynch. Regulatory filings eventually revealed that retail investors with Robinhood held a total of $802.5 million in fractional shares. These filings were divulged at the end of…

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finra
August 13, 2020 BY Steffy Bogdanova

US regulator FINRA warns against fake domain website

The “finnra.org” domain is not connected to FINRA. Firms should delete all emails originating from this domain name. The US watchdog has already requested that the Internet domain registrar take down "finnra.org". FINRA reminds firm to check the legitimacy of any suspicious email before to responding to it, opening any attachments or clicking on any…

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Interactive Brokers to pay over $38 million penalty to settle charges with SEC, CFTC and FINRA
August 11, 2020 BY Steffy Bogdanova

Interactive Brokers to pay over $38 million penalty to settle charges with regulators

The CFTC filed charges against Interactive Brokers for failing to supervise its officers’, employees’, and agents’ handling of several commodity trading accounts and not implementing adequate procedures to detect and report suspicious transactions as required under federal anti-money laundering (AML) laws and regulations. Interactive Brokers agreed to be censured, to cease and desist, and to…

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December 23, 2019 BY Mariela Naydenova

FINRA fines Robinhood with $1.25m for dubious execution processes

FINRA has recently fined Robinhood with a $1.25 million for execution lapse processes. The California-based unicorn that offers commission-free trading servings to its clients has reportedly violated certain execution processes. What FINRA found out is that the execution price on the app was not updated in the proper way, an act that caused price disruptions…

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