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Violation Tracker Individual Record

Company: M1 Finance LLC
Penalty: $850,000
Year: 2024
Date: March 18, 2024
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: FINRA fined M1 Finance LLC $850,000 for social media posts made by influencers on the firm's behalf that were not fair or balanced, or contained exaggerated, unwarranted, promissory or misleading claims. This case arose from FINRA's targeted exam of firm practices related to the acquisition of customers through social media channels and represents the first formal FINRA Enforcement disciplinary action involving a firm's supervision of social media influencers.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.