Finra Seeking Feedback on Social Media’s Influence on Investing

From January 2022 to June 2023, Clear Street routed options orders for execution with inaccurate origin codes, resulting in the execution of 988,170 options contracts with an origin code of “Customer” that should have been coded “Professional Customer.” These inaccurate origin codes were contained in the firm’s books and records. Therefore, the firm violated Section 17(a) of the Securities Exchange Act of 1934, Exchange Act Rule 17a-3(a)(6)(i), and FINRA Rules 4511 and 2010.

From January 2020 to December 2023, Garrido exercised discretion without written authorization in connection with approximately 2,500 trades in over 200 customer accounts in violation of FINRA Rules 3260(b) and 2010. Additionally, from January 2020 to August 2024, he used his personal cell phone to exchange thousands of securities business-related text messages with customers, causing A.G.P. / Alliance Global Partners to maintain incomplete records of business communications in violation of FINRA Rules 4511 and 2010.