By Aaron Nicodemus2024-05-06T15:30:00
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.
SoFi Securities failed to establish and maintain reasonable customer identification and identity theft programs for SoFi Money, its cash management brokerage account that also contained features like a debit card and check writing capabilities, FINRA said in an order released Thursday.
SoFi used a largely automated process to verify customers’ identities and approve the opening of SoFi Money accounts, a system that was vulnerable to fraud, FINRA said. Among the alleged problems was that SoFi failed to prevent former customers whose loan or investment accounts had been closed for potential fraud from opening accounts.
2024-06-07T18:18:00Z By Kyle Brasseur
Food service distributor HF Foods Group agreed to pay a $3.9 million penalty as part of a settlement with the Securities and Exchange Commission regarding alleged fraudulent conduct carried out by its former chief executive officer and former chief financial officer.
2024-05-10T16:55:00Z By Kyle Brasseur
Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.
2024-05-09T19:16:00Z By Aaron Nicodemus
The Financial Industry Regulatory Authority fined three firms—M1 Finance, Mizuho Securities, and Oppenheimer—between $250,000 and $500,000 across separate actions for failing to properly implement, monitor, and supervise internal systems that led to compliance failures.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
2025-10-06T16:46:00Z By Aly McDevitt
A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
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