Independent Financial Group, LLC has agreed to pay a $100,000 fine as part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From April 2022 to November 2022, an IFG registered representative was suspended by FINRA from association with any FINRA member in any capacity. The Acceptance, Waiver and Consent Letter establishing the suspension noted that the suspension would place the representative “subject to statutory disqualification,” meaning he “may not be associated with any member of FINRA in any capacity, including office or ministerial functions, during the period of the … suspension.”
During the suspension and legal exclusion, IFG allowed the representative to continue to work with the company by entering securities orders both through the trading desk and through IFG’s clearinghouse electronic system.
Therefore, IFG violated Article III, Section 3(b) of the FINRA Statutes and FINRA Rules 8311 and 2010.
In addition to the $100,000 fine, the company agreed to a censure.
Independent Financial Group, LLC (IFG), became a member of FINRA in 1978. The company is headquartered in San Diego, California. IFG, which operates on an independent contractor model, offers investment products and services to retail clients. The company has around 380 branches and around 650 registered agents.