Place Trade Financial has agreed to a fine of $10,000 and a censure as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
In October 2020, FINRA warned the firm that certain communications on its website regarding the firm’s services did not provide a sound basis for evaluating the facts or were misleading and exaggerated in violation ofFINRA Rules 2210(d)(l)(A) & (8) and 2010.
The statements identified by FINRA included the following:
- The website represented that it offered “lower” or the “lowest” trading and margin costs available without describing how it reached those conclusions or the data it used, so the website lacked a sound basis for evaluating the firm’s claims.
- The website made claims and statements throughout…
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