Securities Lawyers Blog
How long does FINRA arbitration take? How much does FINRA arbitration cost? What damages can I recover in FINRA arbitration? Investors with losses at firms such as Drivewealth, LLC ask the securities arbitration lawyers at Gana Weinstein LLP these questions before deciding whether to file a FINRA claim. Our attorneys answer them in a free consultation, explain how long you have to file FINRA arbitration, and tell you candidly whether your case is worth pursuing.
DriveWealth is a brokerage infrastructure firm that provides API-based embedded investing, fractional share trading, and clearing technology that lets digital wallets, banks, and brokerage apps offer access to United States equity markets. Founded in 2012 and headquartered in New York, the company was the first to receive a license for equity fractionalization in 2015, serves partners around the world, and raised a 450 million dollar Series D round in 2021 at a 2.85 billion dollar valuation.
Drivewealth, LLC – By the Numbers:
- CRD #: 165429
- Regulatory Events: 2
- Broker Employees: 67
Drivewealth, LLC – In the News:
FINRA v. Drivewealth, LLC (Case #2020067647701) – Between February 2016 and March 2022, DriveWealth failed to report over 211 million fractional share trades to a FINRA trade reporting facility (TRF) and approximately 169 million reportable events involving fractional share trades to the Consolidated Audit Trail (CAT) Central Repository. Between October 2021 and August 2025, the firm submitted approximately 127 million inaccurate or late reports to the TRFs and approximately 2.1 billion inaccurate reportable events to the CAT Central Repository. As a result, DriveWealth violated FINRA Rules 6380A, 6380B, 6622, 6830, 6893, and 2010. DriveWealth completed its back-reporting of the fractional share trades in March 2022. Thereafter, FINRA identified over 110,000 instances between January 2020 and September 2021 where DriveWealth effected trades during trading halts, pauses, and market-wide circuit breakers, in violation of FINRA Rules 5260, 6121, and 2010.
FINRA v. Drivewealth, LLC (Case #2021071543601) – From June 2020 through October 2022, DriveWealth did not take timely action on 1,206 customer requests to transfer securities positions and money balances to another broker-dealer. As a result, DriveWealth violated FINRA Rules 11870(a) and 2010. For these violations, DriveWealth is censured and fined $100,000.
Investors who believe they were the victim of broker misconduct or financial advisor negligence at Drivewealth, LLC should act promptly, because FINRA arbitration claims are subject to time limits. Contact the securities arbitration lawyers at Gana Weinstein LLP for a free consultation.