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SR-FINRA-2025-014

Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to amend FINRA Rule 7620B (FINRA/NYSE Trade Reporting Facility Reporting Fees) to modify the trade reporting fees applicable to participants that use the FINRA/NYSE Trader Reporting Facility ("FINRA/NYSE TRF").

2021069218305 Spartan Capital Securities, LLC CRD 146251_John Lowry CRD 4336146_Kim Monchik CRD 2528972 Complaint vr.pdf

The Department of Enforcement alleges: Between March 2021 and October 2021 (the “relevant period”), respondent Spartan Capital Securities, LLC (“Spartan”) made 346 recommendations of securities that had a total principal value of over $24 million to 191 customers, the majority of whom were retail customers, through 16 private placement offerings (“Offerings”). Spartan lacked a reasonable basis to believe these recommendations were suitable or in the best interest of its customers because it failed to conduct reasonable due diligence on the Offerings.