Independent Financial Group, LLC has agreed to pay a fine of $100,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From April 2022 to November 2022, an IFG registered representative was suspended by FINRA from associating with any FINRA member in all capacities. The Letter of Acceptance, Waiver, and Consent instituting the suspension noted that the suspension would make the representative “subject to a statutory disqualification,” meaning “he may not be associated with any FINRA member in any capacity, including clerical or ministerial functions, during the period of the … suspension.”
During the suspension and statutory disqualification, IFG permitted the representative to continue associating with the firm by entering securities orders through both the trading desk and electronic system of IFG’s clearing firm.
Therefore, IFG violated Article III, Section 3(b) ofFINRA’s By-Laws and FINRA Rules 8311 and 2010.
On top of the $100,000 fine, the firm has agreed to a censure.
Independent Financial Group, LLC (IFG), became a FINRA member in 1978. The firm is headquartered in San Diego, California. IFG, which operates under an independent-contractor model, offers investment products and services to retail customers. The firm has approximately 380 branch offices and approximately 650 registered representatives.
