Broker-Dealer Settles FINRA Charges for Failing to Maintain Supervisory System

A broker-dealer settled charges with FINRA for failing to maintain a system of supervisory control procedures that would have assured compliance with FINRA rules.

FINRA found that Traderfield Securities Inc. ("Traderfield") did not keep records of tests and verifications of its supervisory procedures, nor did it satisfy FINRA's annual certification of rule compliance. Traderfield agreed to a $5,000 fine.