Finra Orders 4 Firms to Pay Combined $2.6 Million Over Securities Lending
2023年12月7日 - 12:56AM
Dow Jones News
By Dean Seal
The Financial Industry Regulatory Authority has ordered four
firms, including the brokerage wing of SoFi Technologies, to pay a
combined $2.6 million for alleged shortcomings in the supervision
of their securities lending offerings.
The broker-dealer regulator said Wednesday that SoFi Securities,
M1 Finance, Open to the Public Investing and SogoTrade failed to
establish any criteria for customer participation in their fully
paid securities lending programs, in which a clearing firm borrows
a customer's fully paid or excess margin securities and lends them
to a third party for a fee.
Instead, the firms enrolled all new customers in fully paid
securities lending and provided them with misleading disclosure
documents about the compensation they would receive, when no
compensation was actually paid out, according to Finra.
Without admitting or denying the allegations, the firms have
agreed to pay $1 million in restitution to customers and $1.6
million in fines to resolve the matter.
The restitution will be paid to customers whose securities were
lent out over a dividend date and faced adverse tax consequences as
a result.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 06, 2023 10:41 ET (15:41 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
SoFi Technologies (NASDAQ:SOFI)
過去 株価チャート
から 4 2024 まで 5 2024
SoFi Technologies (NASDAQ:SOFI)
過去 株価チャート
から 5 2023 まで 5 2024
