Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as Sofi Securities LLC. Many investors do not recognize financial advisor misconduct when it happens, but there are steps that can be taken to recover investment losses. There are many different types of broker misconduct, including breach of fiduciary duty, failure to supervise, misrepresentation, and churning. The attorneys at Gana Weinstein LLP can analyze your investments to determine if there was actionable misconduct by the broker or brokerage firm.
SoFi Securities is a securities broker-dealer. The firm was formed in New York in 2009.
Sofi Securities LLC – By the Numbers:
- CRD #: 151717
- Regulatory Events: 2
- Broker Employees: 147
Sofi Securities LLC – In the News:
FINRA v. Sofi Securities LLC (Case #2019062705801) – From December 2018 through April 2019, SoFi failed to establish and maintain a reasonable Customer Identification Program (CIP) for SoFi Money, its cash management brokerage account. SoFi used a largely automated process to approve the opening of SoFi Money accounts that was not reasonably designed to verify the customers’ identity and was, therefore, vulnerable to fraud perpetrated by third parties using fictitious or stolen identities. The firm approved the opening of approximately 800 accounts that third parties then used to transfer approximately $8.6 million from the accounts of customers at other financial institutions without authorization; approximately $2.5 million of those transfers were subsequently withdrawn by these third parties from the SoFi Money accounts. As a result, SoFi violated FINRA Rules 3310(b) and 2010. During this period, SoFi also failed to develop and implement a written Identity Theft Prevention Program (ITPP) reasonably designed to detect, prevent, and mitigate identity theft. Therefore, SoFi violated Rule 201 of Regulation S-ID of the Securities Exchange Act of 1934 and FINRA Rule 2010.
FINRA v. Sofi Securities LLC (Case #2021072127101) – From January 2019 through March 2023, SoFi failed to establish, maintain, and enforce a reasonably designed supervisory system, including written supervisory procedures (WSPs), for its fully paid securities lending business. Therefore, the firm violated FINRA Rules 3110 and 2010. During the same period, the firm distributed documents to more than two million retail investors containing misrepresentations about the compensation that those investors would receive for participating in fully paid securities lending. By making these misleading statements to customers, SoFi violated FINRA Rule 2010. The misstatements also violated the content standards of FINRA’s advertising rule; therefore, the firm also violated FINRA Rules 2210(d) and 2010.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.