From January 2018 to at least January 2024, Mundial Financial Group allowed its indirect owner, who was not registered with FINRA in any capacity, to engage in securities activities requiring registration in violation of FINRA Rules 1210 and 2010 and NASD Rules 1021 and 1031.2 From September 2019 to the present, the firm failed to develop and implement an anti-money laundering (AML) compliance program reasonably designed to achieve and monitor the firm’s compliance with the Bank Secrecy Act and its implementing regulations in violation of FINRA Rules 3310(a), 3310(b), 3310(f), and 2010.

Okuma refused to provide information and documents requested pursuant to FINRA Rule 8210 in connection with an investigation into whether he converted funds of an elderly customer. As a result, Okuma violated FINRA Rules 8210 and 2010 and is barred from associating with any FINRA member in all capacities.

From January 2020 to September 2023, BofA Securities published 15 quarterly reports regarding customer orders in NMS securities pursuant to Rule 606 of Regulation National Market System (NMS) under the Securities Exchange Act of I 934 that provided inaccurate and incomplete information. As a result, the firm violated Rule 606(a) of Regulation NMS and FJNRA Rule 2010. During the same period, BofA Securities failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with Rule 606.