FINRA fines M1 Finance $850K in first influencer promos case


The Financial Industry Regulatory Authority (FINRA) fined Chicago-based financial technology company M1 Finance $850,000 as part of a settlement addressing alleged improper use of a social media influencer program.

M1 paid influencers to post promotions that were “not fair and balanced,” thus violating FINRA Rules 2210 and 2010, the self-regulatory organization announced in a press release Monday. The case marks the first of its kind by FINRA regarding violations of social media promotion rules, which were highlighted in targeted firm examinations starting in September 2021.

M1 agreed to a censure and certain remedial measures to comply with FINRA Rule 2210 in reaching settlement.

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