Investment adviser disciplinary records

Actions

2,850

With a fine

2,562

Fines, total

$36.1B

Pending or on appeal

59

Latest action

Sep 22, 2026

A disclosure is what the firm reported: until a matter is resolved, its allegations are claims, not findings. Many settlements are made without admitting or denying the findings. Large firms also report actions against their affiliates; those are marked with the affiliate's name. 737 further disclosures name only an affiliate and the kind of action: their details are on that affiliate's own filing, and they are listed on each adviser's page.

1. Sep 22, 2026
   Regulatory Action: The Colorado Division of Securities FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Restitution; censure; cease and desist; and undertakings · Fine: $100,000 · Begun Sep 22, 2026 · Resolved Sep 22, 2026 · Consent · Docket 2025-CDS-034

   In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association ("NASAA"), The Colorado Division of Securities ("the division") alleged that, during the period of approximately May 1, 2020 to April 30, 2025 (the "time period"), Edward D. Jones & Co., L.P. ("Edward jones") failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of section 11-51-410(1)(I), C.R.S.

   Edward jones was notified on September 22, 2026 that Colorado entered an order. The division alleged that, during the time period, Edward jones failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of section 11-51-410(1)(I), C.R.S. Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of section 11-51-410(1)(I), C.R.S., to provide restitution to affected Colorado customers in an amount no less than $231,455.29, to pay a monetary fine in the amount of $100,000, and to comply with certain undertakings. The monetary fine and the restitution will be paid in accordance with the terms of the consent order.

2. Sep 21, 2026
   Regulatory Action: District of Columbia - Department of Insurance, Securities and Banking FinalReported by LPL Financial LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Sep 21, 2026 · Resolved Sep 21, 2026 · Consent · Docket SB-CO-08-25

   In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the District of Columbia department of insurance, securities and banking (department) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of D.C. Official code § 31­5602.07(a)(12) of the District of Columbia uniform Securities Act.

   On September 21, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the department regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of D.C. Official code § 31­5602.07(a)(12) of the District of Columbia uniform Securities Act. Without admitting or denying the statement of facts or violations of law, LPL agreed to the imposition of a censure, to cease and desist from conduct in violation of D.C. Official code § 31­5602.07(a)(12) to provide restitution to affected District of Columbia customers in an amount of no less than $2,980.13, to pay an administrative fine in the amount of $20,000, and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

3. Sep 14, 2026
   Regulatory Action: Saudi Central Bank ("Sama") FinalReported by DWS Investment S.A.; about Deutsche Bank AG, RiyadhSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $5,600 · Begun Sep 14, 2026 · Resolved Sep 14, 2026 · Order · Docket B/26155

   On September 14, 2026, the Saudi Central Bank ("Sama") found that Deutsche Bank AG, Riyadh branch ("DBAG") violated a corrective action plan regarding the employment of Saudi nationals, including violations of quarterly reporting requirements and failing to obtain approval for delays in addressing regulatory findings.

   On September 14, 2026, sama found that dbag violated a corrective action plan regarding the employment of Saudi nationals, including violations of quarterly reporting requirements and failing to obtain approval for delays in addressing regulatory findings. Dbag was fined sar 21,100 (which is approximately $5,600 usd), which will be timely paid.

4. Sep 3, 2026
   Regulatory Action: FINRA FinalReported by J.P. Morgan Securities LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Censure · Fine: $250,000 · Begun Sep 3, 2026 · Resolved Sep 3, 2026 · Acceptance, Waiver & Consent(AWC) · Docket 2024081737701

   Without admitting or denying the findings, J.P. Morgan Securities LLC ("JPMS") consented to sanctions and to entry of findings that, from October 2010 through September 2024, JPMS (1) failed to establish procedures to assure that certain customers received margin account disclosures required by rule 10B-16(a)(2) of the Securities Exchange Act of 1934 ("Exchange Act") on account statements, resulting in JPMS failing to provide certain information in its margin account disclosures for certain customer accounts from October 2010 through February 2024, in violation of Exchange Act rule 10B-16(a)(2) and FINRA rule 2010; and (2) failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with Exchange Act rule 10B-16(a)(2), in violation of FINRA rules 3110(a) and (b) and 2010 and NASD rule 3010

   The allegations, dispositions, findings and sanctions of the AWC are described above in items 7 and 12.

5. Sep 3, 2026
   Regulatory Action: Kansas Department of Insurance Securities Division FinalReported by LPL Financial LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Sep 3, 2026 · Resolved Sep 3, 2026 · Consent · Docket 27E018

   In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the Kansas department of insurance, securities division (division) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of K.A.R. 81-3-7(a)(4) and K.S.A. 17-12A412(d)(9) of the Kansas uniform Securities Act.

   On September 3, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the division regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of K.A.R. 81-3-7(a)(4) and K.S.A. 17-12A412(d)(9) of the Kansas uniform Securities Act. Without admitting or denying the statement of facts or violations of law, LPL agreed to the imposition of a censure, to cease and desist from conduct in violation of K.A.R. 81-3-7(a)(4) and K.S.A. 17-12A412(d)(9) to provide restitution to affected Kansas customers in an amount of no less than $23,441.71, to pay an administrative fine in the amount of $20,000 and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

6. Aug 24, 2026
   Regulatory Action: State of New Jersey Department of Banking and Insurance FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist · Fine: $5,000 · Begun Aug 24, 2026 · Resolved Aug 24, 2026 · Consent · Docket ORDER NUMBER: E26-96

   The commissioner of banking and insurance (the "commissioner"), state of New Jersey, alleged that, Edward D. Jones & Co., L.P. ("Edward jones") failed to report a consent order issued on January 8, 2025 by the New Jersey bureau of securities ("NJBOS") to the commissioner, within 30 days of the disciplinary action, in violation of N.J.S.A. 17:22A-40A(2) and (19).

   On August 24, 2026, the commissioner alleged that, Edward jones failed to report a consent order issued on January 8, 2025 by the njbos to the commissioner, within 30 days of the disciplinary action, in violation of N.J.S.A. 17:22A-40A(2) and (19). Without admitting or denying the statement of facts or violations of law, Edward jones agreed to cease and desist from conduct in violation of N.J.S.A. 17:22A-40A(2) and (19), and to pay a monetary fine in the amount of $5,000. The monetary fine was paid in accordance with the terms of the consent order on July 20, 2026.

7. Aug 21, 2026
   Regulatory Action: New Hampshire Securities Regulation FinalReported by RBC Capital Markets, LLCSanctions: Cease and Desist; Fine, costs and undertakings · Fine: $25,000 · Begun Aug 21, 2026 · Resolved Aug 21, 2026 · Consent · Docket COM2024-0002

   In 2023, RBC agent's mom and step-dad became incapacitated and poa, agents brother, had authority over their investment accounts. Agent was conflicted because he was a named beneficiary and there was a family dispute over mom's affairs. Agent did not step away from the accounts and RBC allowed mom to make decisions over the accounts beneficiaries and the poa without obtaining a letter of renewed capacity from a physician.

   See above

8. Aug 20, 2026
   Regulatory Action: Kansas Department of Insurance, Securities Division FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Restitution; censure; cease and desist; and undertakings · Fine: $100,000 · Begun Aug 20, 2026 · Resolved Aug 20, 2026 · Consent · Docket DOCKET NO.: 27E016, KSC NO.: 2027-7597

   In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association ("NASAA"), the Kansas department of insurance assistant commissioner, securities division ("assistant commissioner") alleged that, during the period of approximately May 1, 2020 to April 30, 2025 (the "time period"), Edward D. Jones & Co., L.P. ("Edward jones") failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of K.A.R. 81-3-7(a)(4) and K.S.A. 17- 12A412(d)(9).

   On August 20, 2026, the assistant commissioner alleged that, during the time period, Edward jones failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of K.A.R. 81-3-7(a)(4) and K.S.A. 17-12A412(d)(9). Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of K.A.R. 81- 3-7(a)(4) and K.S.A. 17-12A412(d)(9), to provide restitution to affected Kansas customers in an amount no less than $186,475.73, to pay a monetary fine in the amount of $100,000, and to comply with certain undertakings. The monetary fine and the restitution will be paid in accordance with the terms of the consent order.

9. Aug 20, 2026
   Regulatory Action: Bank Indonesia ("Bi") FinalReported by DWS Investment S.A.; about Deutsche Bank AG, JakartaSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $113,000 · Begun Jun 30, 2026 · Resolved Aug 20, 2026 · Order · Docket NO. 28/335/DSMM/SRT/RHS

   On July 13, 2026, Bank Indonesia ("Bi"), pursuant to a thematic on-site visit/supervisory review,alleged that between April and May 2026, Deutsche Bank AG, Jakarta branch ("DBJK") facilitatedforeign exchange transfers either conducted by customers not licensed in indonesia toengage in such transactions or otherwise falling outside the scope of permitted underlyingeconomic activities under BI's FX market transaction regulation specifically relating to thirdparty FX transactions as per BI regulation no. 11 of 2024, article 17, and deemed violation oflaw no. 3 of 2011, article 69(1). In addition, BI has alleged that certain reported transactionpurposes were not fully aligned with the corresponding underlying documentation, inviolation of BI regulation no. 21/23/padg/2019.

10. Aug 18, 2026
    Regulatory Action: FINRA FinalReported by Raymond James & Associates, Inc.Sanctions: Other · Fine: $125,000 · Begun Aug 18, 2026 · Resolved Aug 18, 2026 · Acceptance, Waiver & Consent(AWC) · Docket 2023078630201

    Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to report fractional share transactions. The findings stated that the firm has allowed customers to participate in a dividend reinvestment program (DRIP), which automatically reinvests dividends from designated securities into additional shares of the same security. At times, this results in customers holding fractional share positions in their accounts. When a client sells or transfers through the automated customer account transfer service (ACATS) a DRIP-related position with a fractional share, the firm routes out for execution the whole share portion, acting in an agency capacity, and automatically exchanges the fractional share portion for cash, acting in a principal capacity. The firm did not report approximately 2.56 million liquidations of DRIP-related fractional shares executed in a principal capacity to the FINRA/Nasdaq trade reporting facility (TRF) and the over- the-counter reporting facility (ORF) because it treated the fractional share liquidations as journal entries, not trades. As a result, the firm did not pay the regulatory transaction fees associated with the fractional share trades. The findings also stated that the firm failed to establish and maintain a supervisory system reasonably designed to achieve compliance with FINRA's trade reporting rules. The firm's supervisory system was not reasonably designed to achieve compliance with its reporting obligations for fractional share trades, as the firm did not conduct any supervisory reviews specific to fractional share transactions.

    The firm was censured, fined $125,000, and required to comply with the undertaking enumerated in this AWC. The entire portion is levied against rja. No portion of the penalty was waived. Penalty has not been paid yet.

    No Information Filed

11. Aug 7, 2026
    Regulatory Action: Financial Services Commission, South Korea FinalReported by Vanguard Group IncSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $710 · Begun Jul 8, 2026 · Resolved Aug 7, 2026 · Decision & Order of Offer of Settlement · Docket CAPITAL MARKETS INVESTIGATION GENERAL DIVISION - 1524

    The south korean financial supervisory service ("FSS") claimed that on December 10, 2021, The Vanguard Group, Inc. ("VGI") engaged in the sale of one south korean listed security without corresponding ownership of the position, a practice which is prohibited under south korean law.

    On August 7, 2026, ~$710 usd (KRW 1 million) was submitted as voluntary payment.

    On July 8, 2026, the south korean financial services commission imposed an administrative fine in the amount of ~$710 usd (KRW 1 million) on vgi in connection with one incident during 2021 in which vgi sold a south korean listed security without corresponding ownership of the position, a practice that is prohibited under south korean law.

12. Jul 28, 2026
    Regulatory Action: FINRA FinalReported by RBC Capital Markets, LLCFine: $275,000 · Begun Jul 28, 2026 · Resolved Jul 28, 2026 · Acceptance, Waiver & Consent(AWC) · Docket 2022075967301

    Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to develop and implement an AML compliance program reasonably designed to detect and cause the reporting of suspicious transactions. The findings stated that the firm introduced three new transaction monitoring rules that were intended to identify red flags of suspicious money movements. However, the firm configured the parameters and thresholds of these monitoring rules in a manner that did not capture many of the types of transactions the rules were intended to detect. The firm configured one monitoring rule to trigger alerts based on an account's margin balance, which was typically less than the minimum threshold balance, instead of the account balance. The second monitoring rule failed to trigger useful alerts because the thresholds for total credits were set too high. The third monitoring rule generated a high volume of false positives because it captured routine transfers between accounts belonging to the same person or related parties. Because the firm improperly configured the parameters and thresholds of these monitoring rules, they either failed to generate useful alerts or otherwise did not identify red flags of suspicious money movements that the firm should have investigated. In practice the firm failed to effectively review the monitoring rules to determine whether the rules were identifying suspicious money movements in customer accounts so as to enable the firm to investigate and report the suspicious transactions. In addition, the firm delegated to two different groups responsibilities for assessing the effectiveness of the transaction monitoring rules and for decommissioning ineffective rules, but the firm did not have procedures for the two groups to coordinate or escalate concerns. Consequently, the three rules that failed to generate useful alerts remained in place for years and the firm failed to identify, investigate, and report suspicious transactions that these rules were designed to detect. The firm ultimately updated its procedures to require periodic assessments of its automated transaction monitoring rules to determine whether they are effectively enabling the firm to detect and cause the reporting of suspicious transactions.

13. Jul 15, 2026
    Regulatory Action: Securities and Exchange Board of India PendingReported by Advent International, L.P.; about Joshi, GaganSanctions: Other; Notice of hearing under rule 4(3) r/w 4(5) of sebi (procedures for holding inquiry and imposing penalties) rules. 1995 · Begun Jul 15, 2026 · Docket SEBI/HO/QJC/QJC-2/P/OW/2025/0000028344/1-20

    The Securities and Exchange Board of India ("SEBI") alleges that gagan Joshi, while an employee of Advent india pe advisors private limited, became an "insider" with access to unpublished price sensitive information ("UPSI") regarding a significant investment in yes bank limited. SEBI further alleges that MR. Joshi communicated this UPSI to an unauthorized third party on July 29, 2022, in violation of regulation 3(1) of the SEBI (prohibition of insider trading) regulations, 2015, and section 12a(e) of the SEBI act, 1992.

    On July 15, 2026, sebi issued a "notice of hearing" to gagan Joshi, an employee of Advent india pe advisors private limited in order to conduct an inquiry as per rule 4 of the sebi (procedure for holding inquiry and imposing penalties) rules, 1995. The matter is currently pending. While MR. Joshi and the registrant strongly disagree with the allegations contained in the show cause notice, MR. Joshi is fully cooperating with sebi in this matter. No sanctions have been ordered, and there has been no finding of wrongdoing at this time. No information Filed

14. Jul 13, 2026
    Regulatory Action: The Kansas Department of Insurance Assistant Commissioner, Securities Division FinalReported by Stifel, Nicolaus & Company, IncorporatedSanctions: Civil and Administrative Penalt(ies) /Fine(s); Censure, cease and desist, restitution · Fine: $20,000 · Begun Jul 13, 2026 · Resolved Jul 13, 2026 · Consent · Docket 27E003

    Without admitting or denying any statements of facts or violations of law, the firm consented to the sanctions and to the entry of findings that it failed to establish a supervisory system reasonably designed to review and monitor the charging of reasonable commissions to customers on certain low principal amount equity transactions.

15. Jul 9, 2026
    Regulatory Action: CBOE Futures Exchange, LLC FinalReported by J.P. Morgan Securities LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $45,000 · Begun Jul 9, 2026 · Resolved Jul 9, 2026 · Consent · Docket URE-475-09

    CBOE Futures Exchange, LLC ("CFE") alleged that J.P. Morgan Securities LLC ("JPMS") violated CFE rule 410a by reporting inaccurate open interest in various futures contracts to the options clearing corporation.

    The allegations, dispositions, findings and sanctions of the letter of consent are described above in items 7 and 12.

16. Jul 9, 2026
    Regulatory Action: Louisiana Office of Financial Institutions FinalReported by LPL Financial LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Jul 9, 2026 · Resolved Jul 9, 2026 · Consent · Docket OFI-2025-06

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the Louisiana Office of Financial Institutions (office) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of lac 10:XIII.1901 and 704(a)(9) of the Louisiana securities law.

    On July 9, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the office regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in lac 10:XIII.1901 and 704(a)(9) of the Louisiana securities law. Without admitting or denying the statement of facts or violations of law, LPL agreed to the imposition of a censure, to cease and desist from conduct in violation of lac 10:XIII.1901 and 704(a)(9), to provide restitution to affected Louisiana customers in an amount of no less than $47,947.14, to pay an administrative fine in the amount of $20,000 and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

17. Jul 8, 2026
    Civil Judicial Action PendingReported by Canaras Capital Management, LLCSanctions: Money Damages (Private/Civil Complaint); Plaintiff seeks damages exceeding US$50,000,000, rescissionary and restitutionary relief where legally available, a complete · Begun Jul 8, 2026

    Plaintiff seeks damages exceeding US$50,000,000, rescissionary and restitutionary relief where legally available, a complete accounting of collateral movements and ownership records, declaratory relief concerning plaintiff's rights and defendants' duties, injunctive relief to prevent further dissipation or concealment of collateral and records, pre- and post-judgment interest, costs, attorneys' fees where permitted by law or contract, and all other relief the court deems just and proper.

18. Jul 7, 2026
    Civil Judicial Action FinalReported by Cerberus Capital Management, L.P.; about Bradley, DostonSanctions: Money Damages (Private/Civil Complaint) · Begun May 4, 2018 · Resolved Jul 7, 2026 · Settled

    Alleged fraudulent tax refund scheme to deceive skat into paying approximately $2.1 billion (US) of allegedly withheld dividend tax.

    In July 2026, pursuant to a settlement agreement between skat, doston Bradley and each of the plans involved, skat voluntarily dismissed its claims against the defendants with prejudice in exchange for payment by the defendants of an agreed-upon settlement amount.

19. Jun 29, 2026
    Regulatory Action: Nasdaq Stock Market FinalReported by Stifel, Nicolaus & Company, IncorporatedSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $70,000 · Begun Jun 29, 2026 · Resolved Jun 29, 2026 · Acceptance, Waiver & Consent(AWC) · Docket 2024.04.0446

    Between September 2020 and January 2023, the firm failed to implement risk management controls and supervisory procedures that were reasonably designed to prevent the entry of erroneous orders. Specifically, and due to a coding error, the firm failed to apply its average daily volume control for outbound orders to certain orders that were directed to the firm's algorithmic trading strategies. As a result, those orders were only subject to the firm's max quantity control, which was set at a threshold that was not reasonably designed to prevent the entry of erroneous orders. Based on the foregoing, the firm violated section 15(c)(3), rules 15C3-5(b) and 15C3-5(c)(l)(II) thereunder, and Nasdaq rule general 9, sections !(a) and 20(a).

20. Jun 29, 2026
    Regulatory Action: SEC FinalReported by Merrill Lynch, Pierce, Fenner & Smith IncorporatedSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure · Fine: $7.5M · Begun Jun 29, 2026 · Resolved Jun 29, 2026 · Order · Docket FILE NO. 3-22652

    The Securities and Exchange Commission (SEC) alleged that, from April 8, 2020 through September 10, 2024, Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&s) failed to file certain suspicious activity reports (SARS) with the U.S. Treasury department's financial crimes enforcement network, in willful violation of section 17(a) of the Securities Exchange Act of 1934 (Exchange Act) and rule 17A-8 thereunder.

    Without admitting the findings, MLPF&s agreed to the imposition of a cease-and-desist order, a censure, and payment of a civil monetary penalty in the amount of $7,500,000. The civil monetary penalty was paid in accordance with the terms of the order.

21. Jun 26, 2026
    Regulatory Action: North Dakota Insurance and Securities Department FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Restitution; censure; cease and desist; and undertakings · Fine: $100,000 · Begun Jun 26, 2026 · Resolved Jun 26, 2026 · Consent · Docket CASE NUMBER: SO-25-908

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association ("NASAA"), the North Dakota insurance commissioner (the "commissioner") alleged that, during the period of approximately May 1, 2020 to April 30, 2025 (the "time period"), Edward D. Jones & Co., L.P. ("Edward jones") failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of n.d.c.c section 10-04-11(1)(m).

    On June 26, 2026, the commissioner alleged that, during the time period, Edward jones failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of n.d.c.c section 10-04-11(1)(m). Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of n.d.c.c section 10-04-11(1)(m), to provide restitution to affected North Dakota customers in an amount no less than $46,425.80, to pay a monetary fine in the amount of $100,000, and to comply with certain undertakings. The monetary fine and the restitution will be paid in accordance with the terms of the consent order.

22. Jun 26, 2026
    Regulatory Action: Colorado Division of Securities FinalReported by LPL Financial LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Jun 26, 2026 · Resolved Jun 26, 2026 · Consent · Docket 2025-CDS-036

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the Colorado Division of Securities (division) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of 11-51-410(1)(I), C.R.S. Of the Colorado Securities Act.

    On June 26, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the division regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of 11-51-410(1)(I), C.R.S. Of the Colorado Securities Act. Without admitting or denying the statement of facts or violations of law, LPL agreed to the imposition of a censure, to cease and desist from conduct in violation of 11-51-410(1)(I), C.R.S. To provide restitution to affected Colorado customers in an amount of no less than $58,176.12, to pay an administrative fine in the amount of $20,000 and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

23. Jun 18, 2026
    Regulatory Action: FINRA FinalReported by Merrill Lynch, Pierce, Fenner & Smith IncorporatedSanctions: Civil and Administrative Penalt(ies) /Fine(s); Censure · Fine: $175,000 · Begun Jun 18, 2026 · Resolved Jun 18, 2026 · Acceptance, Waiver & Consent(AWC) · Docket 2022073414901

    The Financial Industry Regulatory Authority ("FINRA") alleged that, from January 2021 through September 2023, Merrill Lynch, Pierce, Fenner & Smith ("Merrill lynch") failed to provide material disclosures regarding certain municipal securities purchased with market discounts in self-directed customer accounts, in violation of municipal securities rulemaking board ("MSRB") rule g- 47, and failed to establish and maintain a supervisory system, including written procedures, reasonably designed to achieve compliance with Merrill lynch's obligation to provide self-directed customers with all material information concerning municipal securities transactions subject to a market discount at or prior to the time of trade, in violation of MSRB rule G-27.

    Without admitting or denying the findings, Merrill lynch agreed to the imposition of a censure and a fine in the amount of $175,000. The fine was paid in accordance with the terms of the AWC.

24. Jun 17, 2026
    Regulatory Action: State of Florida, Office of Financial Regulation FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Restitution; censure; cease and desist; and undertakings · Fine: $100,000 · Resolved Jun 17, 2026 · Consent · Docket CASE NUMBER: 130174-S

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association ("NASAA"), the State of Florida, Office of Financial Regulation (the "office") alleged that, during the period of approximately May 1, 2020 to April 30, 2025 (the "time period"), Edward D. Jones & Co., L.P. ("Edward jones") failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of rule 69W-600.013(1)(h)1.,Florida administrative code.

    On June 17, 2026, the office alleged that, during the time period, Edward jones failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of rule 69W-600.013(1)(h)1.,Florida administrative code. Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of rule 69W-600.013(1) (h)1.,Florida administrative code, to provide restitution to affected Florida customers in an amount no less than $589,389.76, to pay a monetary fine in the amount of $100,000, and to comply with certain undertakings. The monetary fine and the restitution will be paid in accordance with the terms of the consent order.

25. Jun 17, 2026
    Regulatory Action: Maryland Office of the Attorney General, Securities Division, Maryland Securities Commissioner FinalReported by Masterworks Advisers, LLC; about Masterworks, LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Undertaking · Fine: $75,000 · Begun Jan 1, 2022 · Resolved Jun 17, 2026 · Order · Docket 2022-0004

    Consent order finds that Masterworks, LLC (1) offered and sold securities of its issuer affiliates in the state of Maryland without first submitting required regulation a, tier II notice filings, in violation of section 11-501 of the Maryland Securities Act; and (2) offered and sold such securities through persons not registered as issuer agents, in violation of section 11-401 of the act. Masterworks self-reported the notice filing lapse in January 2022, submitted all required filings, and subsequently registered issuer agents in the state. No investor harm was alleged.

    Civil monetary penalty of $75,000 paid by respondent at the time of issuance of the consent order with no portion waived.

    Consent order was signed by the Maryland securities commissioner and consented to by respondent on June 17, 2026. No information Filed

26. Jun 16, 2026
    Regulatory Action: FINRA FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Censure; and undertakings · Fine: $125,000 · Begun Jun 16, 2026 · Resolved Jun 16, 2026 · Acceptance, Waiver & Consent(AWC) · Docket NO. 2020067346401

    The Financial Industry Regulatory Authority ("FINRA") alleged that Edward D. Jones & Co., L.P. ("Edward jones" or the "firm") failed (1) to report certain fractional share liquidations to the FINRA/Nasdaq trade reporting facility or the over-the-counter reporting facility in violation of FINRA rules 6380a, 6622 and 2010; and (2) failed to establish, maintain and enforce a supervisory system, including written supervisory procedures, reasonably designed to comply with its trade reporting obligations for fractional share trades, in violation of FINRA rules 3110(a) and (b) and 2010.

    On June 16 2026, the firm became subject to an AWC issued by FINRA regarding the allegations discussed in response to item 7. Without admitting or denying the findings in the AWC, the firm agreed to be censured, pay a $125,000 fine and complete certain undertakings. The fine will be paid in accordance with the terms of the AWC.

27. Jun 16, 2026
    Regulatory Action: Securities Division of the Secretary of the Commonwealth of Massachusetts FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Censure; cease and desist; and undertakings · Fine: $50,000 · Begun Jun 16, 2026 · Resolved Jun 16, 2026 · Consent · Docket DOCKET NO. R-2026-1072

    In connection with an investigation conducted by the registration, inspections, compliance, and examinations ("RICE") section of the securities division of the office of the secretary of the commonwealth of Massachusetts (the "division"), the division alleged that, Edward D. Jones & Co., L.P. ("Edward jones") failed to ensure that one of its investment adviser representatives was properly registered with Massachusetts, in violation of M.G.L. C. 110a, section 201(d)(II).

    On June 16, 2026, the division alleged that, Edward jones failed to ensure one of its investment adviser representatives was properly registered with Massachusetts, in violation of M.G.L. C. 110a, section 201(d)(II). Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of M.G.L. C. 110a and the regulations promulgated thereunder at 950 CRM 10.00-14.413, to pay a monetary fine in the amount of $50,000, and to comply with certain undertakings. The monetary fine has been paid in accordance with the terms of the consent order.

28. Jun 15, 2026
    Regulatory Action: State of Louisiana Office of Financial Institutions FinalReported by Stifel, Nicolaus & Company, IncorporatedSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, restitution · Fine: $20,000 · Begun Jun 15, 2026 · Resolved Jun 15, 2026 · Consent · Docket OFI-2025-04

    Without admitting or denying any statements of facts or violations of law, the firm consented to the sanctions and to the entry of findings that it failed to establish a supervisory system reasonably designed to review and monitor the charging of reasonable commissions to customers on certain low principal amount equity transactions.

29. Jun 15, 2026
    Regulatory Action: Kentucky FinalReported by RBC Capital Markets, LLCSanctions: Cease and Desist; Censure. Restitution. Administrative fine. · Fine: $20,000 · Begun Jun 15, 2026 · Resolved Jun 15, 2026 · Consent · Docket 2025-DFI-0141

    Respondent's minimum commission practices for certain equity transactions failed to ensure transactions were executed at a fair and reasonable price. Respondent did not reasonably supervise transactions which applied the minimum equity commission.

30. Jun 10, 2026
    Regulatory Action: FINRA FinalReported by Merrill Lynch, Pierce, Fenner & Smith IncorporatedSanctions: Censure; Administrative penalty/fine · Fine: $225,000 · Begun Jun 10, 2026 · Resolved Jun 10, 2026 · Acceptance, Waiver & Consent(AWC) · Docket 2024081776401

    The Financial Industry Regulatory Authority ("FINRA") alleged that, from January 2018 through December 2023, Merrill Lynch, Pierce, Fenner & Smith ("Merrill lynch") failed to accurately report summary and statistical customer complaint information to FINRA, in violation of FINRA rules 4530(d) and 2010, and failed to establish, maintain and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with FINRA rule 4530(d), in violation of FINRA rules 3110(a) and (b) and 2010.

    Without admitting or denying the findings, Merrill lynch agreed to the imposition of a censure and a fine in the amount of $225,000. The fine was paid in accordance with the terms of the AWC.

31. Jun 8, 2026
    Regulatory Action: State of Michigan Department of Licensing and Regulatory Affairs Corporations, Securities, and Commercial Licensing Bureau FinalReported by Stifel, Nicolaus & Company, IncorporatedSanctions: Civil and Administrative Penalt(ies) /Fine(s); Censure, cease and desist, restitution · Fine: $20,000 · Begun Jun 8, 2026 · Resolved Jun 8, 2026 · Consent · Docket ENF-25-020117

    Without admitting or denying any statements of facts or violations of law, the firm consented to the sanctions and to the entry of findings that it failed to establish a supervisory system reasonably designed to review and monitor the charging of reasonable commissions to customers on certain low principal amount equity transactions.

32. Jun 5, 2026
    Regulatory Action: State of Michigan Department of Licensing and Regulatory Affairs, Corporations, Securities, and Commercial Licensing Bureau FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Restitution; censure; cease and desist; and undertakings · Fine: $100,000 · Begun Jun 5, 2026 · Resolved Jun 5, 2026 · Consent · Docket ENF-25-020116

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association ("NASAA"), the State of Michigan Department of Licensing and Regulatory Affairs, Corporations, Securities, and Commercial Licensing Bureau (the "bureau") alleged that, during the period of approximately May 1, 2020 to April 30, 2025 (the "time period"), Edward D. Jones & Co., L.P. ("Edward jones") failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of MCL 451.2412(4)(I).

    On June 5, 2026, the bureau alleged that, during the time period, Edward jones failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of MCL 451.2412(4)(I). Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of MCL 451.2412(4)(I), to provide restitution to affected Michigan customers in an amount no less than $397,295.72, to pay a monetary fine in the amount of $100,000, and to comply with certain undertakings. The monetary fine and the restitution will be paid in accordance with the terms of the consent order.

33. Jun 5, 2026
    Regulatory Action: California Department of Financial Protection and Innovation FinalReported by LPL Financial LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Jun 5, 2026 · Resolved Jun 5, 2026 · Consent · Docket NA

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the California Department of Financial Protection and Innovation (department) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of California corporations code section 25218 and code regulations, title 10 section 260.218.4.

    On June 5, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the department regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation code of regulations, title 10 section 260.218.4. Without admitting or denying the statement of facts or violations of law, LPL agreed to the imposition of a censure, to cease and desist from conduct in violation of code of regulations, title 10 section 260.218.4, to provide restitution to affected California customers in an amount of no less than $217,067.99, to pay an administrative fine in the amount of $20,000 and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

34. Jun 5, 2026
    Regulatory Action: SEC FinalReported by Western Asset Management CompanySanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist; censure. · Fine: $100.0M · Begun Jun 5, 2026 · Resolved Jun 5, 2026 · Decision & Order of Offer of Settlement · Docket FILE NO. 3-22646

    On June 5, 2026, following an offer of settlement, the U.S. Securities and Exchange Commission issued an order instituting administrative and cease-and-desist proceedings, making findings, and imposing remedial sanctions and a cease-and-desist order against registrant (the "order") relating to certain trade allocations of the registrant's former co-CIO involving U.S. Treasury derivatives from 2021 to 2023 in certain portfolios managed by the registrant. In the order, the SEC found, among other things, that the registrant failed to implement policies and procedures reasonably designed to detect and prevent violations of the Advisers Act and failed reasonably to supervise the former co-CIO. The SEC found that the registrant thereby violated sections 203(e)(6), 206(2) and 206(4) of the Investment Advisers Act of 1940 and rule 206(4)-7 thereunder. The order required the registrant to pay a $100 million civil penalty. Without admitting the SEC's findings, registrant consented to the entry of the order.

    $100,000,000

35. Jun 4, 2026
    Regulatory Action: Michigan Department of Licensing and Regulatory Affairs; Corporations, Securities, and Commercial Licensing Bureau FinalReported by LPL Financial LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Jun 4, 2026 · Resolved Jun 4, 2026 · Consent · Docket ENF-25-020115

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the Michigan department of licensing and regulatory affairs (department) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of MCL 451.2412(4)(I) of the Michigan uniform Securities Act.

    On June 4, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the department regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of MCL 451.2412(4)(I) Michigan uniform Securities Act. Without admitting or denying the statement of facts or violations of law, LPL agreed tothe imposition of a censure, to cease and desist from conduct in violation of MCL 451.2412(4)(I)of the Michigan uniform Securities Act, to provide restitution to affected Michigan customers in an amount of no less than $61,870.64, to pay an administrative fine in the amount of $20,000 and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

36. Jun 3, 2026
    Regulatory Action: District of Columbia - Department of Insurance, Securities and Banking. FinalReported by RBC Capital Markets, LLCSanctions: Cease and Desist; Censure, restitution, civil and administrative fines · Fine: $20,000 · Begun Jun 3, 2026 · Resolved Jun 3, 2026 · Acceptance, Waiver & Consent(AWC) · Docket SB-CO-07-25

    The respondent charged commissions in excess of 5% of the principal amount on 89,000 equity transactions over a five-year period, totaling $3,400,000.00.

    The administrative fine of $20,000.00 received.

37. May 27, 2026
    Civil Judicial Action PendingReported by BlackRock Capital Investment Advisors, LLC; about BlackRock TCP CapitalSanctions: Money Damages (Private/Civil Complaint); Corporate governance reforms, restitution, attorneys' fees and costs, and such other relief the court may deem just and proper · Begun May 27, 2026

    On May 27, 2026, a shareholder derivative action was filed in the United States district court for the central district of California. The complaint names BlackRock TCP Capital corp as a nominal defendant and certain current and former officers and directors of BlackRock TCP Capital corp as defendants. The complaints asserts claims on behalf of BlackRock TCP Capital corp for alleged violations of the Securities Exchange Act of 1934, breaches of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets arising out of alleged wrongdoing by the defendants between November 6, 2024, and January 23, 2026, including allegedly making or causing BlackRock TCP Capital corp to make materially false and misleading statements and omissions regarding BlackRock TCP Capital corp's business, operations, and prospects.

38. May 21, 2026
    Regulatory Action: Minnesota FinalReported by RBC Capital Markets, LLCSanctions: Cease and Desist; Censure; restitution; civil and administrative fines · Fine: $20,000 · Begun May 21, 2026 · Resolved May 21, 2026 · Acceptance, Waiver & Consent(AWC) · Docket 99069

    The respondent charged unreasonable commissions in excess of 5% of the principal amount on 89900 equity transactions over a five-year period totaling approximately $3400000.

39. May 20, 2026
    Civil Judicial Action PendingReported by Institutional Shareholder Services Inc.Sanctions: Injunction; Declaratory judgment; civil money penalties; attorneys' fees and costs; any other relief as ordered by the court. · Begun May 20, 2026

    The complaint alleges that iss has engaged in deceptive and unfair trade practices in connection with the provision of proxy advice that includes ESG related content.

40. May 20, 2026
    Civil Judicial Action PendingReported by Institutional Shareholder Services Inc.Sanctions: Injunction; Declaratory judgment; civil penalties; restitution, disgorgement or other equitable relief; prosecution costs and fees; any · Begun May 20, 2026

    The complaint alleges that iss has engaged in deceptive trade practices and unfair practices in connection with the provision of proxy advice to West Virginia's residents that includes ESG-related content.

41. May 14, 2026
    Regulatory Action: Korean Securities and Futures Commission FinalReported by LMR Partners LimitedSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $15,695 · Begun May 14, 2026 · Resolved May 14, 2026 · Order · Docket N/A

    Allegation that on December 9, 2021, LMR Partners Limited short sold shares of a Korean-listed issuer, which it did not own.

    On May 14, 2026, the Korean Securities and Futures Commission imposed an administrative penalty of approximately $15,695 on LMR Partners Limited ("LMR HK") in connection with a trade executed by LMR HK on December 9, 2021, which inadvertently resulted in an uncovered short position in the securities of an issuer listed on the korea exchange. The short position was the result of a manual operational error, which was quickly remediated and the position covered. No information Filed

42. May 14, 2026
    Civil Judicial Action PendingReported by BlackRock Capital Investment Advisors, LLC; about BlackRock TCP CapitalSanctions: Money Damages (Private/Civil Complaint); Corporate governance reforms, restitution, attorneys' fees and costs, and such other relief the court may deem just and proper. · Begun May 14, 2026

    On May 14, 2026, a shareholder derivative action was filed in the United States district court for the central district of California. The complaint names BlackRock TCP Capital corp as a nominal defendant and certain current and former officers and directors of BlackRock TCP Capital corp as defendants. The complaint asserts claims on behalf of BlackRock TCP Capital corp for alleged violations of the Securities Exchange Act of 1934, breaches of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets arising out of alleged wrongdoing by the defendants between November 6, 2024, and January 23, 2026, including allegedly making or causing BlackRock TCP Capital corp to make materially false and misleading statements and omissions regarding BlackRock TCP Capital corp's business, operations, and prospects.

43. May 12, 2026
    Regulatory Action: North Carolina Department of the Secretary of State, Securities Division FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Restitution; censure; cease and desist; and undertakings · Fine: $100,000 · Begun May 12, 2026 · Resolved May 12, 2026 · Consent · Docket FINAL ORDER 25ADM002

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association ("NASAA"), the North Carolina Department of the Secretary of State, Securities Division (the "securities division") alleged that, during the period of approximately May 1, 2020 to April 30, 2025 (the "time period"), Edward D. Jones & Co., L.P. ("Edward jones") failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of N.C. Gen. Stat. Section 78a- 39(A1).

    On May 12, 2026, the securities division alleged that, during the time period, Edward jones failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of N.C. Gen. Stat. Section 78A-39(A1). Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of N.C. Gen. Stat. Section 78A-39(A1), to provide restitution to affected North Carolina customers in an amount no less than $579,290.41, to pay a monetary fine in the amount of $100,000 (the amount paid includes a civil penalty of $10,000, and investigation costs in the amount of $90,000), and to comply with certain undertakings. The monetary fine and the restitution will be paid in accordance with the terms of the consent order.

44. May 8, 2026
    Civil Judicial Action PendingReported by Benefit Street Partners L.L.C.; about Byrne, Richard, JanSanctions: Money Damages (Private/Civil Complaint); (1) declarations that plaintiff may maintain the action on behalf of franklin BSP realty trust, inc. and that plaintiff is an · Begun May 8, 2026

    Allegations that certain individual defendants breached their fiduciary duties as directors and/or officers of franklin BSP realty trust, inc. by making and/or causing the company to make materially false and misleading statements regarding the company's earnings power and ability to maintain its dividend. The complaint also alleges violations of sections 10(b), 20(a), and 14(a) of the Securities Exchange Act of 1934 and SEC rule 10B-5; unjust enrichment; abuse of control; gross mismanagement; waste of corporate assets; and, with respect to Byrne, baglien, and comparato, contribution under sections 10(b) and 21d of the Exchange Act..

45. May 7, 2026
    Regulatory Action: Arizona Corporation Commissions FinalReported by Hightower Advisors, LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $7,500 · Begun Apr 2, 2026 · Resolved May 7, 2026 · Consent · Docket S-21393A-26-0071

    Respondent violated A.R.S. § 44­32()l(a)((>) by permitting a person to render investment advice in violation of the investment management act.

    Fine in the amount of $7,500 paid in full on May 14, 2026.

    The division concluded that Hightower Advisors, LLC, failed to obtain fingerprints for its iar's registration application with Arizona in a timely manner while the iar maintained a place of business and provided investment advisory services in Arizona. Hightower Advisors LLC, without admitting nor denying the conclusions of the division, agreed to settle the matter on the terms disclosed above. No information Filed

46. May 5, 2026
    Regulatory Action: Washington State Department of Financial Institutions FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Restitution; censure; cease and desist; investigation costs; and undertakings · Fine: $100,000 · Begun May 5, 2026 · Resolved May 5, 2026 · Consent · Docket ORDER NO. S-25-3996-25-CO01

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association ("NASAA"), the Washington State Department of Financial Institutions securities division (the "division") alleged that, during the period of approximately May 1, 2020 to April 30, 2025 (the "time period"), Edward

    On May 5, 2026, the department alleged that, during the time period, Edward jones failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of wac 460-20C-150(1)(e). Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of wac 460-20C-150(1)(e), to provide restitution to affected Washington customers in an amount no less than $361,844.96, to pay an administrative fine in the amount of $100,000, to pay investigation costs in the amount of $25,000, and to comply with certain undertakings. The administrative fine and investigation costs were paid on May 5, 2026, and the restitution will be paid in accordance with the terms of the consent order.

47. May 4, 2026
    Regulatory Action: Swedish Financial Supervisory Authority (Finansinspektionen - Sfsa) FinalReported by Goldman Sachs & Co. LLC; about The Goldman Sachs Group,Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $162,600 · Begun May 9, 2025 · Resolved May 4, 2026 · Decision · Docket 25-14288

    Effective as of May 4, 2026, sweden's finansinspektionen (the "sfsa") issued a penalty, equivalent to approximately US$162,600.00, against The Goldman Sachs Group, inc. ("GS group") based on a finding that, during the period between March 20, 2024 and April 9, 2025, GS group failed to timely report changes in certain shareholdings held in proprietary accounts of one or more of its subsidiaries within the statutory time limits required under the Swedish financial instruments trading act.

    A penalty of sek 1,500,000 (approximately US$162,600) was imposed by sfsa, which was paid by GS group on May 29, 2026.

48. May 4, 2026
    Regulatory Action: Sweden's Finansinspektionen (Sfsa) FinalReported by Goldman Sachs Asset Management Co., Ltd., Goldman Sachs Asset Management (Singapore) Pte. Ltd.; about The Goldman Sachs Group,Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $162,600 · Begun May 9, 2025 · Resolved May 4, 2026 · Decision · Docket 25-14288

    Effective as of May 4, 2026, sweden's finansinspektionen (the "sfsa") issued a fine, equivalent to approximately US $162,600.00, against The Goldman Sachs Group, inc. ("GS group") based on a finding that, during the period between March 20, 2024 and April 9, 2025, GS group failed to timely report changes in certain shareholdings held in proprietary accounts of one or more of its subsidiaries within the statutory time limits required under the swedish financial instruments trading act.

    Fine of sek 1,500,000 (approximately US $162,600) was imposed by sfsa. GS group expects to pay the fine in full on or before it is due on June 5, 2026.

    Effective as of May 4, 2026, sfsa issued a fine, equivalent to approximately US $162,600.00, against GS group based on a finding that, during the period between March 20, 2024 and April 9, 2025, GS group failed to timely report changes in certain shareholdings held in proprietary accounts of one or more of its subsidiaries within the statutory time limits required under the swedish financial instruments trading act. GS group expects to pay the fine in full on or before it is due on June 5, 2026. No information Filed

49. Apr 30, 2026
    Regulatory Action: Office of Financial Sanctions Implementation ("Ofsi") FinalReported by DWS Investment S.A.; about Deutsche Bank AG, LondonSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $223,801 · Begun Apr 30, 2026 · Resolved Apr 30, 2026 · Settled · Docket BR/2022/2180952

    On April 30, 2026, Deutsche Bank AG, London branch ("DBAG") entered into a settlement with the united kingdom's Office of Financial Sanctions Implementation ("Ofsi") in which OFSI found that DBAG violated regulation 12 of the russia (SANCTIONS) (EU exit) regulations 2019 for processing two payment transactions to a company wholly owned by a designated person in June 2022 and July 2022.

50. Apr 29, 2026
    Regulatory Action: Secretary of State of Mississippi FinalReported by BlackRock Advisors, LLC, BlackRock Financial Management, Inc, HPS Investment Partners, LLC, BlackRock Capital Investment Advisors, LLC; about BlackRock Advisors, LLC; BlackRock Fund Advisors; BlackRock, Inc.Sanctions: Cease and Desist · Begun Mar 27, 2024 · Resolved Apr 29, 2026 · Vacated · Docket LS-24-6726

    On March 27, 2024, BlackRock, Inc., BlackRock investments, LLC, BlackRock Advisors, LLC, BlackRock Fund Advisors, and iShares trust (collectively, "BlackRock") were served with a summary cease and desist order and notice of intent to impose administrative penalty from the Mississippi Secretary of state. The summary order alleges that BlackRock has made misleading statements in fund prospectuses, marketing material, public statements, and on our website regarding BlackRock's ESG practices and approach to proxy voting. The summary order, which was issued to BlackRock without any prior notice or opportunity to be heard, finds that BlackRock violated the Mississippi securities laws, and orders BlackRock to refrain from future violations of those laws. On April 25, 2024, BlackRock exercised its right under Mississippi to request an administrative hearing to contest the allegations.

    Not applicable

    On April 29, 2026, the Mississippi Secretary of state vacated the administrative order that was issued in March 2024.

51. Apr 23, 2026
    Regulatory Action: Securities Division of the Office of the Attorney General of the State of South Carolina FinalReported by LPL Financial LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Apr 23, 2026 · Resolved Apr 23, 2026 · Consent · Docket 20252028

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the Securities Division of the Office of the Attorney General of the State of South Carolina (division) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of S.C. Code ann. Section 35-1-412(d)(9).

    On April 23, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the division regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of S.C. Code ann. Section 35-1-412(d)(9). Without admitting or denying the statement of facts or violations of law, LPL agreed to the imposition of a censure, to cease and desist from conduct in violation of S.C. Code ann. Section 35-1-412(d)(9), to provide restitution to affected South Carolina customers in an amount of no less than $37,905.65, to pay an administrative fine in the amount of $20,000 and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

52. Apr 22, 2026
    Regulatory Action: Kentucky Department of Financial Institutions FinalReported by LPL Financial LLCSanctions: p; Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Apr 22, 2026 · Resolved Apr 22, 2026 · Consent · Docket 2025-DFI-0142

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the Kentucky department of finance institutions (department) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of KRS 292.337(2)(k) and 808 kar 10:030, section 3(1)(b) of the Kentucky Securities Act.

    On April 22, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the department regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of KRS 292.337(2)(k) and 808 kar 10:030, section 3(1)(b) of the Kentucky Securities Act. Without admitting or denying the statement of facts or violations of law, LPL agreed to the imposition of a censure, to cease and desist from conduct in violation of KRS 292.337(2)(k) and 808 kar 10:030, section 3(1)(b), to provide restitution to affected Kentucky customers in an amount of no less than $37,092.78, to pay an administrative fine in the amount of $20,000 and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

53. Apr 22, 2026
    Regulatory Action: The Dutch Authority for the Financial Markets (Afm) FinalReported by Arrowstreet Capital, Limited PartnershipSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $350,000 · Begun Apr 20, 2026 · Resolved Apr 22, 2026 · Decision · Docket NONE

    On April 20, 2026, The Dutch Authority for the Financial Markets (Afm) imposed an administrative fine of eur 297,000 (approximately $350,000) on Arrowstreet. The fine was levied in response to Arrowstreet proactively identifying and notifying the AFM that it had incorrectly reported certain short positions in two issuers between July 2020 and November 2024. The AFM concluded that these reporting errors were in violation of article 5(1) and article 6(1) of the short selling regulation (SSR). The administrative fine was paid on April 22, 2026.

    On April 20, 2026, The Dutch Authority for the Financial Markets (Afm) imposed an administrative fine of eur 297,000 (approximately $350,000) on Arrowstreet. The administrative fine was paid on April 22, 2026.

    On April 20, 2026, The Dutch Authority for the Financial Markets (Afm) imposed an administrative fine of eur 297,000 (approximately $350,000) on Arrowstreet. The administrative fine was paid on April 22, 2026. No information Filed

54. Apr 21, 2026
    Regulatory Action: Idaho Department of Finance FinalReported by LPL Financial LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Apr 21, 2026 · Resolved Apr 21, 2026 · Consent · Docket SB-2025-106

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the Idaho Department of Finance (department) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of rule 105.01 and rule 105.03(d) of the Idaho uniform Securities Act.

    On April 21, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the department regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of rule 105.01 and rule 105.03(d) of the Idaho uniform Securities Act. Without admitting or denying the statement of facts or violations of law, LPL agreed to the imposition of a censure, to cease and desist from conduct in violation of rule 105.01 and rule 105.03(d), to provide restitution to affected Idaho customers in an amount of no less than $13,237.89, to pay an administrative fine in the amount of $20,000 and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

55. Apr 13, 2026
    Regulatory Action: Kentucky Department of Financial Institutions FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Restitution; censure; cease and desist; and undertakings · Fine: $100,000 · Begun Apr 13, 2026 · Resolved Apr 13, 2026 · Consent · Docket 2025-DFI-0145

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association ("NASAA"), the Kentucky Department of Financial Institutions (the "department") alleged that, during the period of approximately May 1, 2020 to April 30, 2025 (the "time period"), Edward D. Jones & Co., L.P. ("Edward jones") failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of 808 Kentucky administrative regulations ("KAR") 10:030, sections 3 and 4(1).

    On April 13, 2026, the department alleged that, during the time period, Edward jones failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of 808 kar 10:030, sections 3 and 4(1). Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of 808 kar 10:030, sections 3 and 4(1), to provide restitution to affected Kentucky customers in an amount no less than $181,263.55, to pay an administrative fine in the amount of $100,000, and to comply with certain undertakings. The administrative fine and the restitution will be paid in accordance with the terms of the consent order.

56. Apr 13, 2026
    Regulatory Action: Commonwealth of Kentucky Public Protection Cabinet Department of Financial Institutions FinalReported by Stifel, Nicolaus & Company, IncorporatedSanctions: Civil and Administrative Penalt(ies) /Fine(s); Censure, cease and desist, restitution · Fine: $20,000 · Begun Apr 13, 2026 · Resolved Apr 13, 2026 · Consent · Docket 2025-DFI-0146

    Without admitting or denying any statements of facts or violations of law, the firm consented to the sanctions and to the entry of findings that it failed to establish a supervisory system reasonably designed to review and monitor the charging of reasonable commissions to customers on certain low principal amount equity transactions.

57. Apr 13, 2026
    Regulatory Action: FINRA FinalReported by Wells Fargo AdvisorsSanctions: Civil and Administrative Penalt(ies) /Fine(s); Censure, undertaking · Fine: $125,000 · Begun Apr 13, 2026 · Resolved Apr 13, 2026 · Acceptance, Waiver & Consent(AWC) · Docket NO. 2019062519601

    The Financial Industry Regulatory Authority ("FINRA") alleged that Wells Fargo Clearing Services, LLC ("WFCS"), from January 2018 through July 2022, failed to report certain fractional share trades to the FINRA/Nasdaq trade reporting facility ("FNTRF") or the over-the counter reporting facility ("ORF"), in violation of FINRA rules 6380a(b), 6622(b) and 2010; from January 2018 through October 2023, failed to report certain error correction trades to the FNTRF or ORF, in violation of FINRA rules 6380a(b), 6622(b) and 2010; from January 2019 to April 2022, failed to identify the contra side executing broker-dealer in certain fractional share trade reports submitted to the FNTRF or ORF, in violation of FINRA rules 7230a(d), 7330(d) and 2010; and from January 2018 to October 2023, failed to establish, maintain and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with its trade reporting obligations, in violation of FINRA rules 3110(a) and (b) and 2010.

    On April 13, 2026, WFCS became subject to an AWC issued by FINRA regarding allegations that WFCS, from January 2018 through July 2022, failed to report fractional share trades to the FINRA/Nasdaq trade reporting facility ("FNTRF") or the over-the counter reporting facility ("ORF"), in violation of FINRA rules 6380a(b), 6622(b) and 2010; from January 2018 through October 2023, failed to report certain error correction trades to the FNTRF or ORF, in violation of FINRA rules 6380a(b), 6622(b) and 2010; from January 2019 to April 2022, failed to identify the contra side executing broker-dealer in certain fractional share trade reports submitted to the FNTRF or ORF, in violation of FINRA rules 7230a(d), 7330(d) and 2010; and from January 2018 to October 2023, failed to establish, maintain and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with its trade reporting obligations, in violation of FINRA rules 3110(a) and (b) and 2010.. Without admitting or denying the findings in the AWC, WFCS agreed to be censured, pay a $125,000 fine and complete certain undertakings. The fine will be paid in accordance with the terms of the AWC.

58. Apr 9, 2026
    Regulatory Action: Louisiana Office of Financial Institutions FinalReported by Edward JonesSanctions: Civil and Administrative Penalt(ies) /Fine(s); Restitution; censure; cease and desist; and undertakings · Fine: $100,000 · Begun Apr 9, 2026 · Resolved Apr 9, 2026 · Consent · Docket MATTER NO. OFI-2025-02

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association ("NASAA"), the Louisiana Office of Financial Institutions ("LOFI") alleged that, during the period of approximately May 1, 2020 to April 30, 2025 (the "time period"), Edward D. Jones & Co., L.P. ("Edward jones") failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of Louisiana securities law section 51:704(a)(9) and Louisiana administrative code ("LAC") 10:XIII.1901.

    On April 9, 2026, lofi alleged that, during the time period, Edward jones failed to ensure certain transactions were executed at a fair and reasonable price and did not reasonably supervise certain small principal equity transactions that included minimum commission charges to ensure Edward jones charged its customers a reasonable commission, in violation of Louisiana securities law section 51:704(a)(9) and lac 10:XIII.1901. Without admitting or denying the statement of facts or violations of law, Edward jones agreed to the imposition of a censure, to cease and desist from conduct in violation of Louisiana securities law section 51:704(a)(9) and lac 10:XIII.1901, to provide restitution to affected Louisiana customers in an amount no less than $180,147.98, to pay an administrative fine in the amount of $100,000, and to comply with certain undertakings. The administrative fine and the restitution will be paid in accordance with the terms of the consent order.

59. Apr 7, 2026
    Regulatory Action: Puerto Rico Office of the Commissioner of Financial Institutions FinalReported by LPL Financial LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, censure, restitution and undertaking · Fine: $20,000 · Begun Apr 7, 2026 · Resolved Apr 7, 2026 · Consent · Docket NA

    In connection with an investigation conducted by a multistate task force coordinated among certain members of the north american securities administrators association (NASAA), the Puerto Rico Office of the Commissioner of Financial Institutions (OCFI) alleged that, from April 30, 2020 to April 30, 2025, LPL Financial LLC (LPL) charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of section 204(a)(2)(j) of the Puerto Rico uniform Securities Act.

    On April 7, 2026, in connection with an investigation conducted by a multistate task force coordinated among certain members of nasaa, LPL entered into a consent order with the ocfi regarding allegations that, from April 30, 2020 to April 30, 2025, LPL charged unreasonable commissions to retail customers in excess of five percent of the principal amount on certain small principal equity transactions, in violation of section 204(a)(2)(j) of the Puerto Rico uniform Securities Act. Without admitting or denying the statement of facts or violations of law, LPL agreed to the imposition of a censure, to cease and desist from conduct in violation of section 204(a)(2)(j), to provide restitution to affected Puerto Rico customers in an amount of no less than $477.89, to pay an administrative fine in the amount of $20,000 and to comply with certain undertakings. The administrative fine and restitution will be paid in accordance with the terms of the consent order.

60. Apr 6, 2026
    Regulatory Action: FINRA FinalReported by J.P. Morgan Securities LLCSanctions: Civil and Administrative Penalt(ies) /Fine(s); Censure · Fine: $3.2M · Begun Apr 6, 2026 · Resolved Apr 6, 2026 · Acceptance, Waiver & Consent(AWC) · Docket 2020067014002

    Without admitting or denying the findings, J.P. Morgan Securities LLC ("JPMS") consented to sanctions and to entry of findings that, from at least January 2016 through April 2020, JPMS failed to reasonably supervise a registered representative's recommended investment strategy for suitability and his exercise of discretion in customer accounts without prior written authorization, in violation of FINRA rules 3110(a) and 2010.

    The allegations, dispositions, findings and sanctions of the AWC are described above in items 7 and 12.

Form ADV Disclosure Reporting Pages, via the SEC Investment Adviser Public Disclosure site. Data file: adviser-discipline.json.