From February 2021 through the present, Song failed to reasonably supervise Velox Clearing's business-related electronic communications on a non-firm communications platform used by Velox associated persons, in violation of FINRA Rules 3110 and 2010. Song also sent and received thousands of business communications on a non-firm communications platform that the firm failed to capture and review, thereby causing Velox to maintain incomplete books and records, in violation of FINRA Rules 4511 and 2010.

From February 2018 through November 2023, Rice shared material non-public information concerning imminent customer block order transactions with two firm customers. After sharing the information, Rice executed orders on behalf of those customers in the same security prior to completion of the block order transactions. As a result, Rice violated FINRA Rules 5270 and 2010, and he is suspended for eighteen months in all capacities, fined $10,000, and ordered to disgorge $127,549 plus interest.