SoFi Technologies to Pay $1.1 Million Over Account Vetting Issues Linked to Theft of $2.5 Million
barrons.com/advisor/articles/sofi-technologies-penalty-account-vetting-finra-9e89adad
SoFi Technologies has agreed to pay $1.1 million to settle allegations that it failed to adequately scrutinize customers opening new brokerage accounts from December 2018 through April 2019, resulting in substantial fraudulent activity.
Brokerage industry self-regulator Finra alleged that SoFi had a “largely automated” process for account openings with SoFi Money, the firm’s…
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