SoFi Unit To Pay FINRA $1.1M To Settle Customer ID Claims

By Bonnie Eslinger (May 3, 2024, 5:30 PM EDT) -- SoFi Securities has agreed to pay $1.1 million to settle Financial Industry Regulatory Authority claims that it lacked a suitable user verification process for the firm's cash management brokerage business, allowing the opening of 800 accounts used by third parties to illegally transfer $8.6 million from other financial institution accounts....

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