Between November 2024 and January 2025, Harper violated FINRA Rules 3240 and 2010 by borrowing $50,000 from two customers without seeking or obtaining prior written approval from his firm.

Between January 2022 and December 2023, Piper Sandler published public quarterly reports on its handling of customers’ orders in National Market System (NMS) securities that overstated statistical information related to options orders and failed to adequately describe its arrangements for payment for order flow and profit-sharing relationships with certain execution venues.