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The firm has settled a case involving the supervision of options account approvals and related due diligence matters.
Exercising “reasonable due diligence” before approving customers for options trading: How hard is that? For that matter, how hard is it to maintain a supervisory system “reasonably designed to identify and respond to customer complaints?” And what about “not reporting certain written customer complaints to FINRA as required?” Taken together, those are the $3 million...
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