From April to October 2024, Heisey received $42,000 for referring approximately 140 individuals to an outside insurance marketing organization without disclosing this business activity to his member firm. Therefore, Heisey violated FINRA Rules 3270 and 2010. For this violation, Heisey is suspended for two months and fined $5,000.

In July 2024, Schmid borrowed $25,000 from a customer, in violation of firm policies. During FINRA’s investigation in 2025 and 2026, Schmid provided false written responses and withheld documents responsive to Rule 8210 requests and provided false testimony to conceal the loan and a related business venture. As a result, Schmid violated FINRA Rules 3240, 8210, and 2010. For these violations, Schmid is barred in all capacities.

Between January 2018 and May 2025, Schwab failed to report or timely report approximately 2.8 million fractional share transactions to the FINRA/Nasdaq Trade Reporting Facility (TRF) or the Over-the-Counter Reporting Facility (ORF), in violation of FINRA Rules 6380A, 6622, and 2010.