American Trust has failed to reasonably supervise several areas since at least June 2020. From July 2020 to April 2021, the firm violated FINRA Rules 3110 and 2010 by failing to reasonably supervise sales of GWG L Bonds for compliance with Regulation Best Interest (Reg BI) and FINRA Rule 2111. In addition, since June 30, 2020, the firm also has failed to establish policies and procedures, and a supervisory system, reasonably designed to achieve compliance with Reg BI, thus willfully violating Securities Exchange Act Rule 15l-1(a)(1), and violating FINRA Rules 3110 and 2010.

In March 2017, Roth borrowed $250,000 from a customer while associated with International Asset Advisory, LLC. In March 2020, while Roth was associated with Newbridge, Roth and the customer executed a promissory note to memorialize the terms of the March 2017 loan. Through this conduct, Roth violated FINRA Rules 3240 and 2010. For these violations, Roth is suspended for three months.

From April 2022 to the present, SpeedRoute failed to establish, document, and maintain risk management controls and supervisory procedures reasonably designed to manage the financial risks associated with its provision of market access, in violation of Section 15(c)(3) of the Securities Exchange Act of 1934, Exchange Act Rules 15c3-5(b), 15c3-5(c)(1)(i), and 15c3-5(c)(1)(ii), and FINRA Rules 3110 and 2010.

Between November 2021 and April 2023, Percival violated Section 15(c)(3) of the Securities Exchange Act of 1934, Exchange Act Rule 15c3-1, and FINRA Rules 4110 and 2010 by conducting a securities business while failing to maintain the firm’s minimum required net capital. Taylor violated FINRA Rules 4110(b)(1) and 2010 by permitting the firm to conduct a securities business despite its net capital deficiency. Between April 10, 2023 and the present, the firm conducted a securities business while suspended from FINRA membership.

Between January 2018 and May 2022, Little willfully violated Municipal Securities Rulemaking Board (MSRB) Rules G-11 and G-17 by submitting orders for new issue municipal bonds without disclosing that the bonds were for NewEdge's dealer account. For these violations, Little is suspended in all capacities for nine months and fined $20,000. Between January 2018 and May 2022, Cline and Erickson violated MSRB Rule G-27 by failing to reasonably respond to red flags indicating the firm was obtaining improper allocations of new issue municipal bonds.

Between April 2020 and March 2022, J.P. Morgan violated FINRA Rules 5190 and 2010 in 250 instances by not filing or filing untimely or inaccurate notifications with FINRA in connection with its participation in distributions of securities subject to Regulation M under the Securities Exchange Act of 1934. In addition, between August 2020 and January 2024, J.P. Morgan violated FINRA Rules 3110(a) and (b) and 2010 by failing to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA Rule 5190.