FINRA

The Salt Lake City broker-dealer, under scrutiny by regulators over its exorbitant fees and seizure of client money, lost a court battle seeking to force regulator FINRA to deal with it in person.

Wall Street’s self-regulator says recent data show that only mid-sized and smaller firms would have fit its new “red flag” criteria.

Nearly 100 clients Mata allegedly defrauded for $14.5 million have received paltry restitution after exhausting every possible method.

The Houston, Texas-based firm was also censured and required to retain an independent consultant.

FINRA arbitrators decided not to hold the major custodian liable for transactions prior to 2008, an attorney for the clients says.

Sanctuary also failed to review outside business activities of certain representatives and did not terminate a securities offering that failed to meet the minimum contingency requirement, FINRA says.

The regulator’s annual industry snapshot and financial report offer a nuanced picture of wealth management’s most significant dividing line.

The free trading app’s breakneck growth hurt the same small-time investors it sought to empower, FINRA says.

The penalty stems from lapses tied to a March 2020 outage and allegations that the fintech firm let thousands of clients trade options that might not have been appropriate for them.

Thousands of clients paid sales charges that they wouldn’t have incurred had they held the pricey alternative products until maturity, according to FINRA.