For the period from January 2023 through September 2024, SG Americas published seven inaccurate quarterly reports on its handling of customers' orders in National Market System (NMS) securities. As a result, the firm violated Rule 606(a) of Regulation NMS under the Securities Exchange Act of 1934 and FINRA Rule 2010. From April 2021 through March 2025, the firm's supervisory system, including written procedures (WSPs), was not reasonably designed to achieve compliance with Rule 606(a).

Between June 2021 and June 2022, Schmidt caused the entry of false information in a firm journaling system when completing 15 fund transfers between an advisory account solely owned by his then-spouse (“Customer 1”) and a brokerage account the couple jointly owned at the time. Schmidt therefore violated FINRA Rule 2010. For this violation, Schmidt is suspended for two months from associating with any FINRA member in all capacities and is fined $5,000.

On August 14, 2025, Kleiner refused to provide documents and information requested pursuant to FINRA Rule 8210. As a result, he violated FINRA Rules 8210 and 2010 and is barred from associating with any FINRA member in all capacities.

Between at least 2018 and at least February 2024, First Trust provided non-cash compensation (e.g., gifts, meals, and entertainment) to representatives of retail broker-dealers that sell First Trust investment company securities (Client Firms) in amounts that significantly exceeded FINRA limits, and in certain instances provided non-cash compensation reconditioned on Client Firm representatives achieving sales targets.