Between June 2018 and December 2021, Cova recommended three private placements to retail customers without conducting due diligence sufficient to form a reasonable basis to believe that the offerings were suitable for or in the best interests of at least some investors.

From May 2019 through March 2021, GTS published 23 inaccurate monthly reports of executions of covered orders in National Market System (NMS) securities required under Regulation NMS Rule 605 of the Securities Exchange Act of 1934. As a result, GTS violated Regulation NMS Rule 605 and FINRA Rule 2010. In addition, from May 2019 through July 2021, GTS’s supervisory system, including its written supervisory procedures, was not reasonably designed to achieve compliance with Rule 605. As a result, GTS violated FINRA Rules 3110 and 2010. For these violations, GTS is censured and fined $150,000.