Report From FINRA Board of Governors Meeting – February 2025
WASHINGTON—FINRA’s Board of Governors met on February 25-26. The agenda included electing a new Board Chair, as well as discussions on FINRA’s proposed Outside Business Activities rule, TRACE reporting timeframes, ongoing technology initiatives, and the proposed allocation of FINRA’s 2024 fine monies.
2024081737401 Glenn Ngo CRD 7200876 AWC gg (2025-1743812392335).pdf
Ngo refused to produce information and documents requested pursuant to FINRA Rule 8210 in connection with a FINRA investigation into whether Ngo had sold securities away from his member firm. As a result, Ngo violated FINRA Rules 8210 and 2010 and is barred from associating with any FINRA member in all capacities.
2022076211301 Network 1 Financial Securities Inc. CRD No. 13577 and Michael Molinaro CRD 2358346 AWC gg (2025-1743726009514).pdf
From October 2019 through the present (Relevant Period), the firm and Molinaro
developed and implemented an AML compliance program (AMLCP) that was not
reasonably designed to achieve compliance with the requirements of the Bank Secrecy
Act (BSA) and its implementing regulations.
2022076268801 Tradeweb Direct LLC CRD 103787 AWC vr (2025-1743726010269).pdf
From April 11, 2022 through January 19, 2023, Tradeweb violated MSRB Rule G-14 by failing to include the Non-Transaction-Based Compensation (NTBC) indicator when reporting 145,898 municipal securities transactions to the MSRB’s Real-Time Transaction Reporting System (RTRS). For this violation, Tradeweb is censured and fined $65,000.