SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority (FINRA) for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...