Securities Lawyers Blog
We represent clients of financial advisors and brokerage firms in investment disputes against their firms, such as Vision Financial Markets LLC. Our services cover a wide spectrum of broker misconduct, including unsuitable investments, failure to supervise, and losses in various investment products. Our firm can analyze your brokerage accounts, determine the extent of your investment losses, and understand the issues and remedies available.
Vision Financial Markets is a self-clearing broker-dealer that provides agency brokerage in United States equities, exchange-traded funds, and options, along with margin lending, stock lending, proprietary trading, and clearing services for domestic and foreign correspondent broker-dealers. Formed in Delaware in 2006 and based in Stamford, Connecticut, the firm is registered in all 50 states, is a member of the New York Stock Exchange and other major exchanges, and is under common control with Vision Brokerage Services, High Ridge Futures, and Vision Investment Advisors.
Vision Financial Markets LLC – By the Numbers:
- CRD #: 142271
- Regulatory Events: 34
- Broker Employees: 50
Vision Financial Markets LLC – In the News:
FINRA v. Vision Financial Markets LLC (Case #2021069322101) – At certain times between April 2020 and November 2022, Vision failed to accurately calculate its required customer reserve and its required reserve for proprietary accounts of broker-dealers (PABs). The firm’s inaccurate calculations on these occasions caused its reserve accounts to be underfunded, resulting in hindsight deficiencies. This also caused the firm to maintain inaccurate books and records and to file inaccurate Financial and Operational Combined Uniform Single (FOCUS) reports. Through this conduct, Vision violated Sections 15(c)(3) and 17(a) of the Securities Exchange Act of 1934, Exchange Act Rules 15c3-3, 17a-3, 17a-4, and 17a-5, and FINRA Rules 4511 and 2010. From April 2020 to April 2025, Vision also violated FINRA Rules 3110 and 2010 by failing to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with its reserve obligations. For these violations, Vision is censured and fined $250,000.
FINRA v. Vision Financial Markets LLC (Case #2022076480401) – On August 31, 2022, Vision violated Securities Exchange Act of 1934 Rule 14e-4, “Prohibited Transactions in Connection with Partial Tender Offers,” and FINRA Rule 2010 by over-tendering 16,300 shares in the partial tender offer (PTO) of Company 1. From August 2022 through February 2023, Vision violated FINRA Rules 3110(a) and (b) and 2010 by failing to have a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with Exchange Act Rule 14e-4.
FINRA v. Vision Financial Markets LLC (Case #2019061702701) – From September 2016 through December 2020, Vision Financial and Vision Brokerage failed to develop and implement an anti-money laundering (AML) program reasonably designed to achieve and monitor the firm’s compliance with the Bank Secrecy Act and the implementing regulations thereunder. In particular, the firms did not establish and implement policies and procedures tailored to the firms’ business, which could be reasonably expected to detect and cause the reporting of suspicious activity arising from transactions and money movements in domestic and foreign-based retail accounts. In addition, during that period, Vision Financial also accepted direct and omnibus accounts domiciled outside of the United States that had traders located primarily in China, Russia, Eastern Europe and other jurisdictions outside of the United States. Vision Brokerage similarly accepted direct accounts with foreign traders in these locations. Certain of these accounts had hundreds of traders who engaged in active trading strategies. Despite the heightened risks presented by these accounts, Vision Financial and Vision Brokerage failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to monitor for potentially manipulative trading on its platform, such as layering, spoofing, and wash trades. Also, from August 2018 through December 2020, Vision Financial provided its customers with direct market access to an alternative trading system (ATS) and multiple exchanges but failed to establish, document, and maintain financial risk management controls and procedures reasonably designed to limit the financial and regulatory risks associated with this activity. Vision Financial’s failures resulted in potentially manipulative trading occurring and orders entering the markets without being subjected to reasonably designed risk management controls. Based on this conduct, Vision Financial and Vision Brokerage violated FINRA Rules 3310(a), 3110, and 2010, and Vision Financial violated Section 15(c)(3) of the Securities Exchange Act of 1934, and Exchange Act Rule 15c3-5.
FINRA v. Vision Financial Markets LLC (Case #2013039143101) – In Review No. 20130391431, the Short Interest Team of the Department of Market Regulation reviewed the firm’s compliance with FINRA rules applicable to short interest reporting for settlement dates July 15, 2013 through September 30, 2013. During the review period, the firm reported 36 short interest positions totaling 3,034,113 shares when it should have reported four short interest positions totaling 234,950 shares, in violation of FINRA Rule 4560. The firm’s supervisory system also was not reasonably designed to achieve compliance with short interest reporting requirements.
FINRA v. Vision Financial Markets LLC (Case #2014042060201) – Between July 2013 and November 2014, Vision submitted 574 inaccurate blue sheets to FINRA and the SEC that misreported at least 17,014 transactions. Specifically, Vision’s blue sheets erroneously reported some “buys” as “cancelled buys” and some “sells” as “cancelled sells”; erroneously reported some transactions with zero quantities; and failed to report some options transactions. Additionally, Vision did not have in place an adequate audit system providing for accountability regarding the inputting of records required to be maintained and preserved. As a result of the foregoing, Vision violated Section 17(a) of the Securities Exchange Act and Rules 17a-4(j), 17a-4(f)(3)(v), and 17a-25, thereunder; and FINRA Rules 8211, 8213, and 2010.
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms. Our consultations are free and we welcome all inquiries.