Between September 2023 and April 2024, Pizarro willfully failed to timely amend her Uniform Application for Securities Industry Registration or Transfer Form U4. As a result, Pizarro violated Article V, Section 2(c) of FINRA's By-Laws and FINRA Rules 1122 and 2010.

In April 2025, Armellino refused to appear for on-the-record testimony requested pursuant to FINRA Rule 8210. As a result, he violated FINRA Rules 8210 and 2010 and is barred from associating with any FINRA member in all capacities.

From January 2015 through November 2019, DLA’s representatives recommended two illiquid, proprietary limited partnerships to thousands of customers. DLA’s supervisory system, however, was not reasonably designed to achieve compliance with FINRA’s suitability rule. DLA also failed to reasonably respond to red flags that its representatives were making unsuitable recommendations of the limited partnerships to customers. In total, DLA, through its representatives, made unsuitable recommendations to 200 customers.