Government Shutdown Information

ARB250005-ARB250007 Michael Barrows CRD 29933260 and Eric Ludovico CRD 2932082 Appealed Expedited Decision ks (2025-1754785196025).pdf

DEPARTMENT OF ENFORCEMENT, Complainant, v. MICHAEL BARROWS (CRD No. 2933260), and ERIC JOHN LUDOVICO (CRD No. 2932082), Respondents. Expedited Proceeding Nos. ARB250005 and ARB250007 RCM Nos. 20250849589 and 20250849777 Hearing Officer–LOM EXPEDITED DECISION May 7, 2025 For their failure to pay a FINRA arbitration award in favor of a customer, Respondents are suspended from associating with any FINRA member firm in any capacity until they comply with the award or establish one of the recognized defenses to a suspension for failure to pay.

SR-FINRA-2025-001

Rule Filing Status: Approved

Rule change to exempt certain business development companies from FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and from paragraph (b) (Spinning) of FINRA Rule 5131 (New Issue Allocations and Distributions).

SR-FINRA-2025-010

Rule Filing Status: Filed for Immediate Effectiveness

Rule change to amend FINRA Rule 6897(b) (CAT Cost Recovery Fees) to implement a Consolidated Audit Trail (“CAT”) cost recovery fee designed to permit FINRA to recoup its designated portion of the reasonably budgeted CAT costs of the National Market System Plan Governing the Consolidated Audit Trail (the “CAT NMS Plan” or “Plan”) for the period July 1, 2025 through December 31, 2025.

SR-FINRA-2025-009

Rule Filing Status: Filed for Immediate Effectiveness

Rule change to amend FINRA Rule 6897 to establish fees for Industry Members related to reasonably budgeted Consolidated Audit Trail (“CAT”) costs of the National Market System Plan Governing the Consolidated Audit Trail for the period from July 1, 2025 through December 31, 2025. These fees would be payable to Consolidated Audit Trail, LLC and referred to as “CAT Fee 2025-2.”

2022073425101 Investment Placement Group CRD 14458 AWC gg (2025-1754612405343).pdf

Between January 2020 and November 2022, IPG failed to reasonably supervise the use of an approved electronic instant messaging platform provided by a vendor and failed to preserve and review certain business-related communications sent and received through the platform. Therefore, it violated Section 17(a) of the Securities Exchange Act of 1934, Exchange Act Rule 17a-4, and FINRA Rules 4511, 3110, and 2010. For these violations, IPG is censured, fined $100,000, and has agreed to an undertaking.

SR-FINRA-2025-011

Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to amend FINRA Rules 6380A and 6380B regarding the operation of the FINRA/NYSE Trade Reporting Facility, the FINRA/Nasdaq Trade Reporting Facility Carteret, and the FINRA/Nasdaq Trade Reporting Facility Chicago (the “Trade Reporting Facilities” or “TRFs”) to extend TRF operating hours from opening at 8:00 a.m. Eastern Time (“E.T.”) to opening at 4:00 a.m. E.T.

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