The Financial Industry Regulatory Authority (FINRA) has fined Investments for You, Inc. for alleged rule violations.
From June 30, 2020, to September 11, 2024, Investments for You failed to establish and maintain written policies and procedures, and a supervisory system, reasonably designed to achieve compliance with Securities Exchange Act of 1934 Rule 15/-1 (Regulation Best Interest or Reg BI). As a result, the firm willfully violated Exchange Act Rule 15/-l(a)(l) and violated FINRA Rules 3110 and 2010.
From June 30, 2020, to September 11, 2024, Investments for You also failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with its Exchange Act Rule 17a-14 obligations to file, deliver, and update its customer relationship summary (Form CRS). Investments for You therefore violated FINRA Rules 3110 and 2010.
Additionally, from August 27, 2020, to July 6, 2022, Investments for You falsely responded “No” to the Form CRS question concerning legal or disciplinary history. The firm was required to respond “Yes,” because both the firm and its Chief Executive Officer had prior disciplinary history. As a result, Investments for You willfully violated Section 17(a)(l) of the Exchange Act and Exchange Act Rule l 7a-14, and violated FINRA Rule 2010.
Finally, from May 22, 2024, to September 12, 2024, Investments for You failed to timely respond to two requests for documents and information made pursuant to FINRA Rule 8210. The firm did not respond to either request until after FINRA suspended its membership pursuant to FINRA Rule 9552, based on the firm’s failure to provide the documents and information sought in the two requests. As a result, Investments for You violated FINRA Rules 8210 and 2010.
The firm has agreed to the imposition of a censure and a $25,000 fine.
Pursuant to the General Principles Applicable to all Sanction Determinations contained in FINRA’s Sanction Guidelines, FINRA imposed a lower fine in this case after it considered, among other things, Respondent’s revenues and financial resources.
