From February 2021 to March 2023, Hochler failed to reasonably supervise two registered representatives’ recommendations to retail customers. First, from February 2021 to April 2021, Hochler failed to reasonably supervise a registered representative’s (Representative 1) recommendations to purchase GWG L Bonds, a speculative, unrated debt security. Second, from July 2021 to March 2023, Hochler failed to reasonably supervise a registered representative’s (Representative 2) recommendations to purchase non-traditional exchange-traded products (NT-ETPs).

Canaccord failed to supervise trillions of shares of equity transactions in low-priced, over-the-counter securities for compliance with an array of concerns crucial to the fair and efficient functioning of markets, in violation of FINRA Rules 3110 and 2010. For trade surveillance, Canaccord relied on an underqualified, inexperienced, and under-resourced trading compliance group that was not reasonably supervised. From October 2016 to May 2022, that group failed to review most of the firm’s trade surveillance reports for extended periods, some for months or years at a time.

Cohen refused to appear for on-the-record testimony requested by FINRA pursuant to FINRA Rule 8210. As a result, he violated FINRA Rules 8210 and 2010 and is barred from associating with any FINRA member in all capacities.