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COVID Fraud Task Force

FINRA formed a COVID Fraud Task Force in March 2020 to establish a coordinated response across the organization to potential COVID-related fraud in the broker-dealer industry and in U.S. markets. The task force – a collaborative effort headed by Executive Vice President Greg Ruppert – manages a centralized repository of intelligence gathered from and accessed across the organization to help ensure efficiency and maximum coordination.

As part of the task force, FINRA’s National Cause and Financial Crimes Detection Programs (NCFC) is on the front lines of surveillance, investigations and examinations for potential fraud associated with the Coronavirus pandemic. NCFC regularly refers matters to the SEC involving public companies asserting fraudulent claims related to the COVID-19 outbreak that have, in turn, contributed to numerous SEC Trade Suspensions. In addition to its focus on market integrity, NCFC is also working with law enforcement authorities and closely tracking any potential fraud scenarios that may impact investors related to COVID-19.