A broker-dealer settled FINRA charges for knowingly permitting an individual to operate as an unregistered principal.
In a Letter of Acceptance, Waiver, and Consent, FINRA found that the firm's chief executive officer was functioning as an unregistered principal in violation of FINRA Rule 1220 ("Registration Categories") and 2010 ("Standards of Commercial Honor and Principles of Trade").
To settle the charges, the firm agreed to (i) a censure and (ii) a $10,000 fine.
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