From at least March 2021 to September 2022, Silver Oak's supervisory system, including written supervisory procedures, was not reasonably designed to supervise the use, dissemination, and preservation of consolidated reports. Between March 1, 2021, and March 31, 2022, the firm failed to timely review over 100 consolidated reports distributed by the firm's registered representatives during customer meetings. Additionally, Silver Oak's WSPs failed to address the maintenance of electronic or physical copies of consolidated reports or source data used in the reports until September 2022.

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 103027 / May 13, 2025 Admin. Proc. File No. 3-21818 In the Matter of the Application of CHRISTOPHER ROBERT ARNOLD For Review of Action Taken by FINRA OPINION OF THE COMMISSION REGISTERED SECURITIES ASSOCIATION — REVIEW OF FINRA ACTION Registered securities association barred individual in an expedited proceeding for failing to respond to requests for information. Held, application for review is dismissed.

FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS DEPARTMENT OF ENFORCEMENT, Complainant, v. KEVIN JOHN HERNE (CRD No. 5320629), Respondent. Disciplinary Proceeding No. 2022076589301 Hearing Officer–LOM DEFAULT DECISION May 22, 2025 Respondent willfully omitted material information from his Form U4 that he was required to disclose. For this misconduct, he is suspended from associating with any FINRA member firm in any capacity for one year and fined $5,000.