Webull Financial LLC has agreed to pay a fine of $ 1.6 million as part of a settlement with the Financial Industry Regulatory Authority (Finra).
From January 2019 to December 2022, Webull Financial failed to oversee and maintain the social media communications that promoted the business published by people with a sequence of social media (usually known as “influences”). Some of these communications included statements that were not fair and balanced or conservative or excessive.
As a result, the Company violated the rules of Finra 2210, 2220, 3110, 4511 and 2010, an act of exchange § 17 (a) and an act of exchange of Law 17A-4.
From June 2020 to December 2022, Webull Financial failed to deliver the CRS form to some customers in a timely manner, to make and maintain the relevant files and establish, maintain and impose a supervisory system that is logically designed to achieve its compliance with CRS. As a result, the company violated the Act on Exchanging § L 7 (A), the rules of the L7A-3, 17a-4 and 17A-14 and Finra Rules 3110, 4511 and 2010.
For these and other violations, Webull Financial is accused and a fine of $ 1.6 million is imposed.
Webull Financial LLC became a member of Finra in January 2018 and began offering customers in May 2018. New York -based New York, the company has three branches and about 100 registered representatives.