ARB250005-ARB250007 Michael Barrows CRD 29933260 and Eric Ludovico CRD 2932082 Appealed Expedited Decision ks (2025-1754785196025).pdf
DEPARTMENT OF ENFORCEMENT,
Complainant,
v.
MICHAEL BARROWS
(CRD No. 2933260),
and
ERIC JOHN LUDOVICO
(CRD No. 2932082),
Respondents.
Expedited Proceeding
Nos. ARB250005 and ARB250007
RCM Nos. 20250849589 and 20250849777
Hearing Officer–LOM
EXPEDITED DECISION
May 7, 2025
For their failure to pay a FINRA arbitration award in favor of a customer, Respondents are suspended from associating with any FINRA member firm in any capacity until they comply with the award or establish one of the recognized defenses to a suspension for failure to pay.
SR-FINRA-2025-001
Rule Filing Status: Approved
Rule change to exempt certain business development companies from FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and from paragraph (b) (Spinning) of FINRA Rule 5131 (New Issue Allocations and Distributions).
SR-FINRA-2025-010
Rule Filing Status: Filed for Immediate Effectiveness
Rule change to amend FINRA Rule 6897(b) (CAT Cost Recovery Fees) to implement a Consolidated Audit Trail (“CAT”) cost recovery fee designed to permit FINRA to recoup its designated portion of the reasonably budgeted CAT costs of the National Market System Plan Governing the Consolidated Audit Trail (the “CAT NMS Plan” or “Plan”) for the period July 1, 2025 through December 31, 2025.
SR-FINRA-2025-009
Rule Filing Status: Filed for Immediate Effectiveness
Rule change to amend FINRA Rule 6897 to establish fees for Industry Members related to reasonably budgeted Consolidated Audit Trail (“CAT”) costs of the National Market System Plan Governing the Consolidated Audit Trail for the period from July 1, 2025 through December 31, 2025. These fees would be payable to Consolidated Audit Trail, LLC and referred to as “CAT Fee 2025-2.”
2022073425101 Investment Placement Group CRD 14458 AWC gg (2025-1754612405343).pdf
Between January 2020 and November 2022, IPG failed to reasonably supervise the use of
an approved electronic instant messaging platform provided by a vendor and failed to
preserve and review certain business-related communications sent and received through
the platform. Therefore, it violated Section 17(a) of the Securities Exchange Act of 1934,
Exchange Act Rule 17a-4, and FINRA Rules 4511, 3110, and 2010.
For these violations, IPG is censured, fined $100,000, and has agreed to an undertaking.