Between January 2019 and February 2023, Herrera recommended to two retail customers a series of trades that were excessive, unsuitable, and not in the customers' best interests. As a result, Herrera willfully violated the Best Interest Obligation under Rule 15l-1 (a)(1) of the Securities Exchange Act of 1934 (Regulation BI or Reg BI) and violated FINRA Rules 2111 and 2010. For these violations, Herrera is suspended for six months in all capacities, fined $5,000, and ordered to pay restitution of $158,500 plus interest...

Between November 2019 and December 2024, Interactive Brokers failed to exercise reasonable due diligence before approving certain customer accounts that were not managed or advised by financial advisors or other third-parties (Self-Directed Customers) to trade options. During this period, the firm used a primarily automated system to approve or disapprove customers for options trading.