From June 2020 through October 2022, DriveWealth did not take timely action on 1,206 customer requests to transfer securities positions and money balances to another broker-dealer. As a result, DriveWealth violated FINRA Rules 11870(a) and 2010. For these violations, DriveWealth is censured and fined $100,000.

The Department of Enforcement alleges: SUMMARY 1. Respondent Sebastian G. Bongiovanni failed to respond to two FINRA staff requests for information and documents made pursuant to FINRA Rule 8210 as part of FINRA staff’s examination into whether Bongiovanni misrepresented his debts in a mortgage application and structured withdrawals in his personal bank accounts. As a result, Bongiovanni violated FINRA Rules 8210 and 2010.