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Apex Clearing to Pay $3.2M Over Securities Lending Program
News February 04, 2025 at 10:51 AM
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What You Need To Know
- This is the first time FINRA has charged a firm with violating FINRA Rule 4330, the customer protection rule.
- Customers who lent securities were not paid their share of the borrowing fee, according to the regulator.
- Documents from Apex that misrepresented the program's compensation were sent to more than 5 million investors, FINRA says.
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