From January 2018 through April 2021, Edward Jones failed to report approximately 2.7 million fractional share liquidations to the FINRA/Nasdaq Trade Reporting Facility (TRF) or the Over-the-Counter Reporting Facility (ORF), in violation of FINRA Rules 6380A, 6622, and 2010. During the same period, the firm failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to comply with its trade reporting obligations for fractional share trades, in violation of FINRA Rules 3110(a) and (b) and 2010.

From January 2022 to December 2025, Outset served as an outsourced trading desk by executing equities and options transactions for its institutional customers, including transactions in thinly traded low-priced securities. During this time, the firm’s anti money laundering (AML) program was not reasonably designed to detect and report suspicious transactions given this business. As a result, the firm failed to detect and investigate potentially suspicious activity, including instances of potentially manipulative trading.