The Securities and Exchange Commission (the “SEC”) has announced settled enforcement proceedings against audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “BF Borgers”), charging them with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (“PCAOB”) standards in its audits and reviews of hundreds of public companies,…
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FINRA recently announced M1 Finance LLC has been fined $850,000.00 for violations relating to social media posts made by influencers on the firm’s behalf. Beginning January 2020 to April 2023, FINRA found M1 Finance compensated social media influencers for content promoting the firm. M1 Finance also requested the influencers include a hyperlink to the firm’s…
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The Securities and Exchange Commission has charged Roy Cook, a former board member of Tallgrass Energy LP, and four of his friends with insider trading for trading on material nonpublic information in advance of a public announcement that Blackstone Infrastructure Partners had offered to acquire Tallgrass and take it private. The five defendants agreed to…
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FINRA has published its 2024 Regulatory Oversight Report (“Report”), which provides member firms with information from FINRA’s recent regulatory operations to strengthen their complaince departments. FINRA highlighted six key sections of the Report in its news release pertaining to the same: (1) Crypto Asset Developments; (2) Advertised Volume; (3) Cybersecurity; (4) Anti-Money Laundering (“AML”), Fraud…
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On Wednesday, January 10, 2024, the Securities and Exchange Commission (“SEC”) approved the first U.S.-listed exchange traded funds (ETFs) to track bitcoin. The SEC approved 11 applications, including from BlackRock (BLK.N), Ark Investments/21Shares (ABTC.S), Fidelity, Invesco (IVZ.N) and VanEck. The approvals come a day after an unauthorized person published a fake post on the SEC’s…
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FINRA recently announced new sanctions filed against M1 Finance LLC, Open to the Public Investing, Inc., SoFi Securities LLC, and SogoTrade, Inc. for supervisory and advertising violations. The fines for these violations totaled $1.6 million. In addition to the substantial fine, FINRA also ordered the firms pay over $1 million in restitution. During its investigation,…
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The North American Securities Administrators Association (“NASAA”) and the Public Investors Advocate Bar Association (“PIABA”) have announced their support for FINRA as it challenges Alpine Securities Corporation’s (“Alpine”) arguments that it is unconstitutional. NASAA, the membership organization for state regulators, filed an amicus brief with the District of Columbia Court of Appeals citing its support…
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Effective October 16, 2023, FINRA adopted amendments to its Codes of Arbitration Procedure (Codes) to modify the process relating to requests to expunge customer dispute information in the FINRA Dispute Resolution Services (DRS) arbitration forum. FINRA operates the Central Registration Depository (CRD), and customer dispute information maintained in CRD is reported through Forms U4 and…
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In an effort to delay FINRA’s expedited death sentence it imposed following its ruling that, Alpine Securities be expelled from the industry over allegations it misused customer funds and violated compliance rules, the broker dealer has taken direct action against FINRA and filed an injunction pending appeal. In its Emergency Motion for Injunction Pending Appeal,…
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The Financial Industry Regulatory Authority has barred a veteran financial advisor for providing falsified financial documents and making false statements during an investigation in violation of FINRA Rules 8210 and 2010. Timothy James Breslin, who owned and operated his own registered investment advisory firm, TJB Wealth Management (CRD # 325641), submitted a Letter of Acceptance,…
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