In March 2022, IBI conducted a securities business while failing to maintain its minimum required net capital. As a result, IBI violated the Securities Exchange Act of 1934 § 15(c), Exchange Act Rule 15c3-1, and FINRA Rules 4110 and 2010. During the same period, the firm recorded its net capital inaccurately on its books and records, and filed inaccurate FOCUS reports, in violation of Exchange Act§ 17(a), Exchange Act Rules 17a-3 and 17a-5, and FINRA Rules 4511 and 2010.

Between March 2021 and March 2023, Ladhani held a beneficial interest in two brokerage accounts maintained at another member firm without obtaining prior written consent from Goldman Sachs. As a result, Ladhani violated FINRA Rules 3210 and 2010. For these violations, Ladhani is suspended for two months in all capacities and fined $5,000...