Between at least October 2021 and April 2023, Webull routed options orders for execution with inaccurate origin codes, resulting in the execution of approximately 180,000 options contracts with an origin code of “Customer” that should have been coded “Professional Customer.” These inaccurate origin codes were contained in the firm’s books and records.

From at least January 2018 through October 2024, Raymond James failed to report approximately 2.56 million fractional share liquidations to the FINRA/Nasdaq Trade Reporting Facility (TRF) and the Over-the-Counter Reporting Facility (ORF), in violation of FINRA Rules 6380A, 6622, and 2010. From at least January 2018 through October 2024, Raymond James failed to establish and maintain a supervisory system reasonably designed to comply with its reporting obligations for fractional share trades, in violation of FINRA Rules 3110 and 2010.