Between April 2021 and June 2025, Alpaca failed to timely report to the FINRA/Nasdaq Trade Reporting Facility (FNTRF) approximately 1.87 million transactions, in violation of FINRA Rules 6380A and 2010. From February 2021 to May 2023, Alpaca submitted inaccurate trade reports to the FNTRF and the Over-the-Counter Reporting Facility (ORF). The firm reported inaccurate execution quantities for over 6,700 transactions and omitted the required prior reference price modifier and prior reference time for approximately 2.2 million transactions, in violation of FINRA Rules 6380A, 6622, and 2010.

In January 2026, after providing an initial response, Roemmich stated he would no longer provide documents or information to FINRA in response to a written request made pursuant to FINRA Rule 8210. As a result, Roemmich violated FINRA Rules 8210 and 2010 and is barred from associating with any FINRA member firm in all capacities.