FINRA Orders American Portfolios Financial Services to Pay $4.6 Million in Restitution for Overcollection of Fees, Retention of Surplus Interest

FINRA has ordered American Portfolios Financial Services, Inc. (APFS) to pay $4.6 million in restitution to customers impacted by the firm’s inaccurate representation of how it calculated its fees and its retention of undisclosed, surplus interest.

2021072154501 SogoTrade, Inc. CRD 17912 AWC ks.pdf

From January 2018 through present, SogoTrade failed to establish, document, and maintain a system of risk management controls and supervisory procedures reasonably designed to manage the financial, regulatory, and other risks of its market access business activity, including controls designed to prevent the entry of erroneous orders, in violation of Section 15(c)(3) of the Securities Exchange Act of 1934, Exchange Act Rules 15c3-5(b) and 15c3-5(c)(1)(ii), and FINRA Rules 3110 and 2010.
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