Vision Financial Markets LLC has agreed to pay a $250,000 fine as part of a settlement with the Financial Industry Regulatory Authority (FINRA).
At certain times between April 2020 and November 2022, Vision failed to accurately calculate the client reserve requirement and the reserve requirement for proprietary broker-dealer (PAB) accounts.
The company’s inaccurate calculations in these cases caused its reserves to be underfunded, resulting in subsequent shortages. This also caused the company to maintain inaccurate books and records and submit inaccurate Financial and Operating Combined Consolidated Statements (FOCUS).
Through this conduct, Vision violated Sections 15(c)(3) and 17(a) of the Securities Exchange Act of 1934, Rules 15c3-3, 17a-3, 17a-4 and 17a-5 of the Exchange Act, and FINRA Rules 4511 and 2010.
From April 2020 to April 2025, Vision also violated FINRA Rules 3110 and 2010 by failing to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with its reserve obligations.
In addition to the $250,000 fine, Vision agreed to a censure.
Vision has been a member of FINRA since 2008. Vision is headquartered in Stamford, Connecticut and has six branch offices with approximately 50 registered agents. Vision provides clearing services in equities, options and fixed income to day traders and institutional clients.