From August 2020 through September 2020, while associated with a FINRA member, Taddeo participated in private securities transactions with three customers who invested a total of $255,000, without providing prior written notice to his firm. As a result, Taddeo violated FINRA Rules 3280 and 2010. Between November 2021 and March 2022, Taddeo settled the complaints of two customers who invested in the private securities transactions, without the knowledge or consent of his member firm. As a result, Taddeo violated FlNRA Rule 2010.

From June 30, 2020, to August 21, 2025, VSI failed to disclose its own disciplinary history in the firm’s customer relationship summary (Form CRS). By filing and delivering to customers a Form CRS that omitted required information, VSI willfully violated Section 17(a)(1) of the Securities Exchange Act of 1934 and Exchange Act Rule 17a-14, and violated FINRA Rule 2010, and is fined $20,000.

From May 2022 through May 2024, Penserra sent approximately 41,000 inaccurate trade confirmations to its customers, which either (1) contained an average price disclosure when the trade was a single execution at a single price; or (2) failed to disclose that the price identified was, in fact, an average price. As a result, Penserra violated Rule 1Ob-10 of the Securities Exchange Act of 1934, and FINRA Rules 2232 and 2010.

Between April 2018 and September 2022, APFS failed to calculate the per account fees for customers enrolled in its Bank Deposit Program (Sweep Program) according to the formula in disclosure documents that it distributed to Sweep Program customers. As a result, APFS’s communications with those customers inaccurately represented how the firm calculated its fees. The firm also did not disclose that it retained surplus interest earned from customers’ funds.