The Financial Industry Regulatory Authority (FINRA) published disciplinary actions against four firms for failing to establish, maintain, and enforce a reasonably designed supervisory system over fully paid securities lending.
FINRA on Tuesday published settlements with SoFi Securities, Open to the Public Investing, M1 Finance, and SogoTrade for alleged violations of Rules 3110 and 2010. SoFi, Open to the Public Investing, and M1 Finance were each fined $500,000 and ordered to pay restitution of varying amounts, while SogoTrade was fined $100,000 plus restitution.
