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FINRA oversees U.S. broker-dealers, enforces rules, and runs the largest securities dispute resolution forum to protect investors and maintain market integrity. It works by conducting examinations, enforcing regulations, and providing arbitration and mediation, plus educational resources and a Securities Helpline for Seniors, funded by member firm fees. It differentiates itself as a not-for-profit regulator that combines ongoing oversight with a centralized dispute-resolution platform, funded by its members. Its goal is to keep capital markets fair, transparent, and efficient while safeguarding investors.
About Finra
Industries
Government & Public Sector
Financial Services
Legal
Company Size
5,001-10,000
Company Stage
N/A
Total Funding
$2M
Headquarters
Washington DC, District of Columbia
Founded
2007
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Simplify's Take
What believers are saying
- FINRA's 2026 AI governance mandate expands oversight scope and creates new compliance service demand.
- New crypto board appointments position FINRA to lead innovation in TradFi-crypto integration.
- Enforcement program transparency changes strengthen investor protection and market integrity reputations.
What critics are saying
- Small-cap pump-and-dump schemes expose FINRA's surveillance gaps and risk enforcement backlash.
- GenAI-enabled fraud like voice clones challenges FINRA's identity verification standards.
- Enforcement program delays may allow harmful firms to operate longer, increasing investor losses.
What makes Finra unique
- FINRA is the largest independent regulator for U.S. securities firms, overseeing nearly 4,580 brokerage firms.
- FINRA operates the U.S.'s largest securities dispute resolution forum for arbitration and mediation.
- FINRA generates revenue through member fees, registration costs, and fines for regulatory violations.
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Company News
FINRA complaint alleges Sutter Securities and former CEO Keith Moore failed to stop $2.5 million in excessive trading in an 89-year-old client's accounts. June 19, 2026 If you or an aging parent held a brokerage account that was traded heavily, generated steady commissions, and lost money while the broker rarely called to explain why, a complaint FINRA filed against an Irvine, California broker-dealer may sound familiar. On January 20, 2026, FINRA filed a disciplinary complaint against Sutter Securities Incorporated (CRD #30770) and its former chief executive officer, Keith Charles Moore (CRD #5191450), alleging that the firm allowed a representative to run up approximately $2.5 million in trading costs and more than $1.8 million in realized losses in the accounts of a retired, 89-year-old customer. This is a formal complaint, not a settled or decided case. According to FINRA, issuance of a disciplinary complaint represents the initiation of a formal proceeding in which findings as to the allegations have not been made. The matter is docketed as FINRA Case #2021071987902. What the FINRA complaint alleges. According to the FINRA complaint, Sutter Securities, acting through one of its registered representatives, willfully violated Regulation Best Interest when it failed to act in the best interests of a customer at the time a series of securities transactions were made. The complaint alleges that the representative recommended and effected 2,217 trades in accounts belonging to a retired, 89-year-old customer that was excessive and not in the customer's best interests. In many instances, according to the complaint, the representative did not consult the customer before placing trades in the customer's accounts. According to the complaint, the customer's accounts incurred approximately $2.5 million in trading costs and more than $1.8 million in realized losses. The complaint does not name the representative; it names the firm and Moore, who FINRA alleges served as the firm's CEO and the representative's direct supervisor. It is important to note that, as of the time of this report, the complaint is still pending. No findings of wrongdoing have been made. The allegations described here are unproven, and the firm and Moore are entitled to contest them. The supervision and red-flag allegations against Keith Moore. According to the FINRA complaint, the firm and Moore failed to identify and reasonably investigate and follow up on red flags indicating that the representative was engaged in potentially excessive and unsuitable trading. The complaint describes two red flags in particular. First, according to the complaint, the representative told Moore that he was executing a replication strategy that was specifically mirroring the trades of a third-party asset manager in the customer's account, but the trading pattern he recommended and effected did not resemble the asset manager's approach. Second, the complaint alleges it was a further red flag that the representative was systematically marking the transactions as "unsolicited" while he was purportedly implementing an investment strategy in the customer accounts while still charging the customer a substantial commission. According to the complaint, Moore knew or should have known of the trading activity and the substantial commissions that the trading activity generated each month through his claimed review of the daily trade blotter and the monthly commission statements. The complaint further alleges that the firm failed to have a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with the suitability requirements of FINRA Rule 2111 and, as of June 30, 2020, Reg BI's Care Obligation, regarding excessive trading. According to the complaint, the firm's supervisory system did not use metrics, exception reports, or surveillance tools to identify potential excessive trading, failed to implement any system ensuring required suitability reviews were conducted, and provided no procedures or system for responding to potential excessive trading once identified. The complaint also alleges that the firm failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to supervise the electronic communications of its registered representatives, and that the firm's system to review email was unreasonable because it relied on fragmented, undocumented, ad hoc reviews by multiple individuals without standardization procedures, supervision tools, or designated oversight responsibility. BrokerCheck records show that Keith C. Moore is not currently registered and that he was registered with Sutter Securities Incorporated from April 2019 to February 2024. How excessive trading harms investors. Excessive trading, sometimes called churning when it is done to generate commissions, is one of the oldest forms of brokerage misconduct. The harm does not come from any single trade. It comes from the volume. Each purchase and sale carries a commission or other cost, and when a broker turns an account over again and again, those costs compound into a steady drain on the account, regardless of whether the market moves up or down. Regulators and arbitrators commonly look at two measures to evaluate whether trading was excessive: the turnover rate, which measures how many times the value of a portfolio was reinvested over a year, and the cost-to-equity ratio, which measures how much the account would have to earn just to cover the trading costs and break even. When those numbers climb, the account is effectively working for the broker rather than the customer. An 89-year-old retired customer typically has a conservative profile and a need to preserve capital, which makes high-volume, high-cost trading especially difficult to justify. The complaint also highlights a recurring feature of these cases: how the trades were labeled. Marking transactions as "unsolicited," meaning the customer initiated them, can keep recommended trades from triggering suitability review. When the label does not match what actually happened, the paperwork can obscure the very activity that supervision is supposed to catch. The rules at the center of the complaint. The complaint rests on a small set of core obligations. SEC Regulation Best Interest (Reg BI, 17 C.F.R. § 240.15l-1) requires a broker-dealer and its representatives to act in the retail customer's best interest when making a recommendation, and its Care Obligation can reach a series of recommended transactions that, taken together, may be excessive. According to the complaint, for conduct before Reg BI took effect on June 30, 2020, FINRA Rule 2111 (suitability) imposed a parallel duty, and the complaint references both standards. The complaint also puts supervision at issue. FINRA's supervision rule, Rule 3110, requires a firm to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with the securities laws and FINRA rules, and to supervise its representatives' communications. According to the complaint, the firm lacked a supervisory system reasonably designed to detect excessive trading and lacked a reasonable system for reviewing email, which are the kinds of supervisory duties that rule governs. What this means for investors, including older clients. A FINRA complaint is the regulator's action. It does not by itself put money back in a harmed customer's pocket. Investors who lost money in circumstances like those described in the complaint generally pursue recovery separately, most often through FINRA arbitration, where a customer can seek to recover investment losses, the commissions and costs charged to the account, and in appropriate cases other damages. Eligibility to bring a claim is governed in part by FINRA Rule 12206, and because timing rules can be strict, investors who believe they were harmed should not wait to evaluate their options. Older investors may have additional protections. Under California law, a customer who is 65 or older may have claims for financial elder abuse under Welfare and Institutions Code sections 15610.30 and 15657.5, which can allow for enhanced remedies, including attorney's fees and, in appropriate cases, additional damages. Whether any of these theories applies depends on the specific facts, including where the customer lived and the nature of the account and the conduct. Steps to take right now. * Gather your account documents, including monthly statements, trade confirmations, the new account agreement, and any correspondence with the broker or the firm. * Run your broker's name through FINRA BrokerCheck at brokercheck.finra.org and read their full disclosure record. * Contact a securities arbitration attorney for a consultation to evaluate your options. Rosenberger + Kawabata represents retail investors in FINRA arbitration proceedings involving excessive trading, unsuitable recommendations, and supervisory failures by brokerage firms. If you or a family member invested with Sutter Securities and experienced heavy trading, large commissions, or unexplained losses, contact Rosenberger + Kawabata for a free and confidential consultation at (310) 894-6921. The information in this post comes from FINRA's public records, including FINRA's June 2026 Disciplinary and Other FINRA Actions report and FINRA BrokerCheck. You can view Keith Charles Moore's BrokerCheck report (CRD #5191450) here and Sutter Securities Incorporated's BrokerCheck report (CRD #30770) here. You can view the full June 2026 FINRA disciplinary actions report here.
FINRA unveils changes to enforcement program to increase transparency and efficiency. LinkedIn Facebook X The Financial Industry Regulatory Authority (FINRA) announced changes to its enforcement program on March 2, as part of its broader "FINRA Forward" initiative. [1] FINRA believes these "common-sense improvements," which follow similar updates from the Securities and Exchange Commission (SEC)[2] and Commodity Futures Trading Commission (CFTC)[3] to their enforcement programs, will advance three core objectives: transparency, efficiency, and greater opportunities for member firms to be heard. By enabling faster and more efficient resolution of issues, FINRA believes these enhancements will strengthen investor protection and market integrity, while expediting the identification of compliance issues and risk mitigation. Increased transparency throughout the enforcement process. One notable change involves how FINRA communicates with firms facing potential enforcement actions. FINRA will begin offering an introductory meeting for potential firm respondents at the outset of an investigation to meet with Enforcement staff, receive an overview of the process, understand FINRA's initial areas of focus, and raise questions or concerns. The announcement is silent on whether this opportunity will be afforded to potential individual respondents as well as firms. Additionally, Enforcement staff must now provide status updates to potential respondents at least every 90 days, ensuring that firms are not left uncertain about where their matter stands. At the conclusion of an investigation, member firms may have an additional meeting in which FINRA shares its investigative findings and underlying evidence before formal charges are proposed. Firms then have the opportunity to present their view of the facts, mitigating factors, or additional context they believe Enforcement should consider. Efficiency initiatives. To improve operational efficiency, FINRA has introduced a specialization program covering 11 areas of expertise, including systemic anti-money laundering and market-related issues, allowing cases that require specialized knowledge to be assigned to staff with deeper expertise, improving internal collaboration and driving consistency across similar cases. FINRA also launched a new pilot program related to firms' self-reporting obligations under FINRA Rule 4530(b). Under this pilot, Enforcement will review self-reported rule violations and, in appropriate matters, engage in dialogue with firms before launching a formal investigation, and firms may be permitted to conduct their own internal review and remediate problems without a concurrent FINRA investigation, potentially avoiding a full enforcement action altogether depending on the findings. Greater opportunities for firms to be heard. FINRA also implemented changes that give firms the opportunity to provide input before disciplinary decisions are finalized. Enforcement attorneys will reach out to firms before issuing a Cautionary Action Letter, allowing discussion of preliminary findings and giving firms and individuals the chance to provide context or challenge conclusions. Similarly, in non-urgent situations, FINRA will contact firms before issuing Rule 8210 information requests to clarify the scope and expectations. FINRA has also increased the standard time given for potential respondents to provide Wells responses to 30 calendar days. Additional changes to come. FINRA has indicated that it plans to issue guidance in the coming months to clarify its approach to granting credit for cooperation and remediation, update its website with detailed information about enforcement checks and balances, and explore alternatives to on-the-record testimony in certain instances. FINRA also expects to publish an enforcement manual and to receive an independent assessment from former SEC Commissioner Troy Paredes and Professor Paul Eckert, with results anticipated in the second quarter of 2026.
FINRA taps Behnam, Gallagher for board amid push for broader crypto oversight. In this post: * FINRA has appointed four crypto policy hitters, including Rostin Behnam and Dan Gallagher, to its board. * The appointments point towards a crypto-friendly and innovative oversight as crypto continues to form ties with traditional finance. * The newly appointed governors bring in expertise in financial services, regulation, industry leadership, and public pension management The Financial Industry Regulatory Authority (FINRA) has appointed four crypto-friendly figures to its board to strengthen oversight. The newly appointed crypto policy hitters will bring experience across financial services, regulation, industry leadership, and public pension management. FINRA oversees the organization's mission to protect investors and ensure market integrity for broker-dealers handling everything from stocks to crypto trades. The board has appointed four figures, including Rostin 'Russ' Behnam, Tim Carter, Dan Gallagher, and Heather Traeger, to strengthen its oversight as crypto continues to form ties with traditional financial markets. Former CFTC head Behnam brings crypto expertise to FINRA. According to FINRA's press release, the board appointed Behnam, who chaired the U.S. Commodity Futures Trading Commission (CFTC) between 2021 and January 2025. During his tenure at the CFTC, Behnam oversaw crypto futures and advocated for comprehensive digital asset regulations. Based on his first speech as chair at the CFTC, Behnam highlighted the scale of the $3.5 trillion digital asset market and vowed to support proactive federal oversight to protect investors, ensure market integrity, curb manipulation, and enable the mainstream adoption of blockchain, tokenization, and DeFi ecosystems. Rostin Behnam cracked down on fraud while advocating for clearer frameworks across the digital market ecosystem. Currently, he serves as a distinguished member at Georgetown University's Psaros Center for Financial Markets and Policy. Behnams' expertise could help FINRA navigate areas where crypto connects with securities. Dan Gallagher, on the other hand, brings expertise as a Chief Legal Officer in Compliance and Corporate Affairs from Robinhood Markets. Robinhood is a FINRA-regulated broker enabling investors and retail traders a gateway to the crypto ecosystem. The platform offers trading in several crypto assets, including BTC, ETH, and XRP. Gallagher has also served as the SEC Commissioner between 2011 and 2015, a role that offers him a blended expertise in crypto innovation and regulatory compliance. Gallagher may help FINRA to push for standards that make crypto brokers such as Robinhood robust and user-friendly in order to accelerate global crypto adoption. FINRA also appointed Tim Carter, former CFO at investment bank and institutional securities firm Piper Sandler Companies. Carter brings in expertise in financial accounting, treasury, market and credit risk, investor relations, and financial planning. While he is not a direct crypto player, his background in financial accounting could ensure a balanced oversight for institutional players eyeing crypto allocation across BTC ETFs and other crypto derivatives. Cook shows strong conviction in the new members to strengthen oversight. Heather Traeger, the General Counsel at the Teacher Retirement System of Texas, one of the largest public pensions in the U.S., brings expertise from her previous roles at the SEC and as a partner at O'Melveny & Myers. She also previously served at FINRA as Chair of the National Adjudicatory Council. Such a blend of expertise could prove invaluable in ensuring fair markets as digital assets mature from retail speculation towards regulated institutional flows. The crypto ecosystem's power is rapidly shifting from retail speculation towards institutional flows. According to a recent Cryptopolitan report, the current environment has prompted investors to ask whether there is a way to participate in crypto without being exposed to constant price fluctuations. The answer appears to suggest a more regulated ecosystem dominated by regulated institutions. FINRA CEO Robert Cook welcomed the four board members, who bring a strong conviction and deep expertise, along with diverse perspectives, to FINRA's regulatory approach as it meets the current, evolving needs of investors and the market. Cook said that the appointments will strengthen the board's ability to provide strategic oversight and guidance in the current complex financial landscape. Scott Curtis, FINRA's Board Chair, said that the four distinguished leaders reflect the firm's commitment to maintaining its investor protection mission effectively. FINRA is led by a 22-member Board of Governors, 12 of whom are designated as public members and 10 are appointed from the industry.
Former CFTC chair Behnam joins FINRA board as crypto - TradFi lines blur. * C. Monasterio * Published: January 7, 2026 * 11:15 pm * Updated: January 7, 2026 * 11:15 pm Home > companies > former CFTC chair Behnam joins FINRA board as crypto - TradFi lines blur. * FINRA appoints Rostin Behnam and Dan Gallagher to integrate crypto expertise into its board of governors. * The objective is to enhance investor protection amid growing institutional adoption of digital assets. * The arrival of pro-crypto leaders aims to create clearer regulatory frameworks for brokers and DeFi ecosystems. The Financial Industry Regulatory Authority (FINRA) has announced a move that redefines the digital market oversight landscape. The organization has appointed four key figures to its Board of Governors, including Rostin Behnam, marking a turning point in the integration of cryptocurrencies with traditional finance (TradFi). Behnam, who chaired the Commodity Futures Trading Commission (CFTC) until 2025, is widely recognized for his proactive stance on digital asset regulation. During his tenure, he oversaw Bitcoin futures and advocated for a comprehensive federal framework to mitigate risks and foster the adoption of blockchain technology. His expertise will be vital for the FINRA board to navigate the complex intersection between digital commodities and securities. Hybrid profiles for an evolving market. Joining Behnam is Dan Gallagher, the current Chief Legal Officer at Robinhood and a former SEC Commissioner. Gallagher's presence on the FINRA board brings a unique perspective from the brokerage sector, which already offers exposure to crypto assets such as BTC, ETH, and XRP. This "hybrid" approach seeks to ensure that trading platforms comply with robust security standards without stifling technological innovation. The board is also reinforced by Tim Carter, former CFO of Piper Sandler, and Heather Traeger, General Counsel at the Teacher Retirement System of Texas. While Carter brings rigor in financial accounting and risk management - vital for Bitcoin ETFs - Traeger offers an institutional perspective necessary for the ecosystem's maturation, moving from retail speculation to regulated capital flows. Robert Cook, CEO of FINRA, highlighted that these appointments will strengthen strategic oversight capabilities in an "increasingly complex financial environment." In summary, the presence of figures like Rostin Behnam suggests that the regulator is not just observing the progress of cryptocurrencies but is recruiting the system's architects to definitively integrate them into the global financial order.
Broker Josiah Lederman is facing customer allegations. Fort Wayne, IN - December 18, 2025 - Josiah Lederman (CRD# 6871359), a registered broker and investment adviser representative with Concorde Investment Services, LLC and Concorde Asset Management, LLC in Fort Wayne, Indiana, is facing a pending customer complaint filed in November 2025. According to FINRA BrokerCheck records, the client alleges breach of fiduciary duty, failure to supervise, unsuitable recommendations, and failure to perform proper due diligence regarding 2022 investments in direct participation programs and limited partnership interests. This post provides FINRA-reported disclosure information to inform investors and explain potential recovery options. BrokerCheck snapshot. Name: Josiah David Lederman CRD #: 6871359 Firm: Concorde Investment Services, LLC / Concorde Asset Management, LLC Location: Fort Wayne, IN Years in Industry: 8 Number of Disclosures: 1 Customer complaint against Josiah David Lederman. According to FINRA BrokerCheck records, Josiah David Lederman has one pending customer dispute filed in FINRA arbitration. The complaint was received on November 4, 2025, with the arbitration filing date of November 3, 2025. The matter remains pending. The client alleges breach of fiduciary duty, failure to supervise, unsuitable recommendations, and failure to perform proper due diligence regarding 2022 investments. The product type involved is listed as direct investment in direct participation programs (DPP) and limited partnership interests. It's important to note that this matter is pending and involves unproven allegations. The complaint has not been resolved, and the claims have not been adjudicated. Pattern of complaints / risk factors. While each case is unique, complaints involving allegations of breach of fiduciary duty, failure to supervise, and unsuitable recommendations may indicate concerns related to inadequate investment due diligence, improper risk assessment, or failure to align investments with client objectives. Investors who purchased direct participation programsor limited partnership interests should carefully review account statements and seek legal guidance if similar issues occurred. Investors who were recommended unsuitable or high-risk investments may be entitled to recover their losses. Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. Investment Loss Law Firm provide a free, confidential consultation to review your potential claim. Its firm works on a contingency fee basis, meaning you pay no attorney fees unless Investment Loss Law Firm successfully recover money for you. If you invested in direct participation programs, limited partnerships, or other alternative investments through Concorde Investment Services, LLC or Concorde Asset Management, LLC and experienced losses, it's important to understand your rights under securities regulations. About FINRA arbitration. FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident. Securities arbitration allows investors to pursue recovery without the expense and delays of traditional lawsuits. Related brokers and firms. Investors concerned about losses involving Concorde Investment Services, LLC may also want to review information about other advisors at the firm. Visit its Concorde Investment Services advisors complaints page for more information about the firm and related disclosures. Frequently asked questions. What is the complaint against Josiah David Lederman? The pending complaint alleges that Josiah David Lederman committed breach of fiduciary duty, failure to supervise, unsuitable recommendations, and failure to perform proper due diligence regarding 2022 investments in direct participation programs and limited partnership interests. The complaint seeks between $500,000 - $1,000,000 in damages and is currently pending in FINRA arbitration (Case #25-02411). Can investors recover losses involving Concorde Investment Services, LLC? Yes. Investors who suffered losses due to broker misconduct at any firm may be entitled to compensation through FINRA arbitration. Securities laws provide protections for investors who were given unsuitable recommendations, misled about risks, or subjected to other violations. FINRA arbitration is a dispute resolution process specifically designed for investment-related claims. It's administered by the Financial Industry Regulatory Authority and provides an alternative to court litigation. The process typically takes 12-16 months and involves neutral arbitrators who hear evidence and make binding decisions. An unsuitable investment is one that doesn't align with an investor's financial situation, risk tolerance, investment objectives, or time horizon. Brokers have a legal obligation to recommend only investments that are suitable for their clients based on these factors. Unsuitable investment claims are among the most common allegations in securities cases. Visit FINRA's BrokerCheck website at brokercheck.finra.org. You can search by the broker's name or CRD number. The report will show employment history, qualifications, and any disclosure events including customer complaints, regulatory actions, or criminal matters. For Josiah David Lederman, search CRD# 6871359. First, gather all account statements, trade confirmations, and communications with your broker. File a complaint with FINRA and your state securities regulator. Then, consult with a securities attorney experienced in FINRA arbitration to evaluate your potential claim. Time limits apply, so act promptly. About Patil Law, P.C. Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery. With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise. Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential. If you lost money investing through Josiah David Lederman at Concorde Investment Services, LLC or Concorde Asset Management, LLC, contact Patil Law, P.C. for a free, confidential consultation. Its experienced securities attorneys can review your case and explain your legal options. Investment Loss Law Firm represent investors nationwide in FINRA arbitration and securities litigation matters. There is no obligation, and you pay no attorney fees unless Investment Loss Law Firm successfully recover money for you. The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
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About Finra
Industries
Government & Public Sector
Financial Services
Legal
Company Size
5,001-10,000
Company Stage
N/A
Total Funding
$2M
Headquarters
Washington DC, District of Columbia
Founded
2007
Finra is Hiring for 18 Jobs on Simplify!
Find jobs on Simplify and start your career today