- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
2025-05-20T12:30:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
2025-05-16T19:24:00Z By Oscar Gonzalez
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...
2025-05-16T14:16:00Z By Aaron Nicodemus
As the Consumer Financial Protection Bureau steps back from its core mission of protecting American consumers, states like New York and Pennsylvania are stepping up to fill the regulatory void.
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