Between January 2018 and December 2019, the firm’s supervisory system, including written supervisory procedures (WSPs), was not reasonably designed to supervise trading at the firm by a senior executive and principal in violation of FINRA Rules 3110 and 2010. In addition, between January 2018 and February 2019, UCM distributed eight retail communications to investors or potential investors that had not been subject to prior review and approval by an appropriately qualified principal. Moreover, these communications contained language that was exaggerated and which was not fair and balanced.

SUMMARY On June 24 and 28, 2022, Sean Sullivan placed 14 trades whose principal value totaled more than $250,000 in the accounts of four customers without their authorization, in violation of FINRA Rule 2010. 2. From April 2 to July 28, 2022, Sullivan willfully failed to timely amend his Uniform Application for Securities Industry Registration or Transfer (Form U4)...

BEFORE THE NATIONAL ADJUDICATORY COUNCIL FINANCIAL INDUSTRY REGULATORY AUTHORITY In the Matter of Department of Enforcement, Complainant, vs. Paul Eric Flesche, Sherman Oaks, CA, Respondent. DECISION Complaint No. 2016049565901r Dated: September 24, 2025. On remand from the Securities and Exchange Commission. Held, findings of violations dismissed and sanctions reversed.

Between January 2022 and October 2024 (the relevant period), Interactive Brokers failed to establish and maintain a supervisory system, including written procedures, reasonably designed to achieve compliance with the firm's obligation to disclose to customers, at or prior to the time of trade, all material information concerning municipal securities transactions, including instances in which a municipal bond is trading at a market discount.

From July to September 2022, Stockpile Investments distributed retail communications concerning crypto assets or crypto asset-related services that failed to clearly disclose that crypto assets were not offered through a registered broker-dealer or which did not provide a fair and balanced presentation of the benefits and risks of the products discussed. Therefore, Stockpile Investments violated FINRA Rules 2210(d) and 2010 and is censured and fined $50,000.