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Legal Assistance For Forex Trading Disputes In Mississippi: The Role Of The Attorney – BlogLine FINRA’s $3 Million Fine Against Webull: A Reminder to Broker-Dealers’ Due Diligence Obligations When Approving Accounts for Options Trading
Webbull Financial LLC, a newly established online brokerage, rose in 2018 by promoting 0% commission trading of stocks, options and cryptocurrencies. According to a recent news release from the Financial Industry Regulatory Authority (FINRA).
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, Webbull, among other violations, failed to include due diligence checks to fulfill its obligation to approve option trades for client accounts, and as a result was ordered to pay a $3 million fine.
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Between 2019 and 2021, Webull used an automated system to review client applications for options trading, which led Webull to approve clients who did not meet the eligibility criteria and miss red flags that indicated options trading was inappropriate. Specifically, “the system was unable to compare new applications with data previously provided by the client.” As a result, even though three years of options trading experience is required before approving client applications for options trading:
“The obligations are clear to all FINRA member firms, regardless of their size, rapid growth or business model,” advised Christopher J. Kelly, FINRA’s Acting Chief of Enforcement and Senior Vice President, in a news release. gave . . . Before approving clients for option trading, firms should establish systems and procedures that identify important facts about their clients’ trading knowledge and experience.
FINRA directed firms to review Regulatory Notice 21-15, reminding firms of their obligation to approve or approve buyers of options trades. Regulatory Notice 21-15 Revisions to FINRA Rules 2360(16)(b) and 2360(20)(b) “Approval Process and Continuing Specific Requirements Members Must Follow When Opening a Client Brokerage Account for Options” shows. controls for option accounts.” FINRA, Regulatory Notice 21-15 (2021). When approving a client’s account for options trading, FINRA Rule 2360(16)(b) requires due diligence to determine material facts about their client. In particular, the member should obtain the client’s investment objectives, financial situation, investment experience and knowledge. FINRA Rule 2360(16)(b). Regulatory Note 21-15 states that “[m]embers are responsible for establishing option account approval policies and procedures that are based on client-submitted information and are consistent with the firm’s system of controls.” FINRA, Regulatory Notice 21-15 (2021).
While many options trading regulations have been in place for some time, this result is an important reminder to brokerage firms to ensure that their policies and procedures keep up with technological advances and comply with FINRA requirements. new obligations, including Regulation Best Interest (Reg BI). A debt confirmation letter is a letter that debt collectors must provide that includes information about how much you owe, when it’s due, and how to dispute it. A debt collection letter proves that you owe money to the borrower.
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When debt collectors contact you about money you may owe, they are required by law to provide you with certain information:
If borrowers first contact you by phone, ask them to contact you in writing instead. They should then send you a debt confirmation letter containing all the details within five days.
If you believe that the debt shown on the debt confirmation letter is not yours or you do not owe the debt because the statute of limitations has expired, you have 30 days to dispute it. information required from the borrower.
If you dispute this in writing, creditors may not call or contact you or attempt to collect payment until you send written confirmation that you owe.
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When disputing a debt, be sure to date your letter and send it by certified mail, so you have a record of when the borrower received it.
If you’re asking for more information, your letter should ask why the debt collector believes you’re responsible for the debt, how old the debt is, and whether the agency is licensed to collect it.
You can also ask the borrower to contact you only through your attorney or specify what methods of contact are allowed.
If the borrower continues to contact you or harass you, you can file a complaint with the following agencies:
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If you are not sure what to include in your letter, you can use the following as a template. In this example, the person writing the letter believes they do not owe money due to fraudulent activity.
On [date] I was contacted by [name of debt collector] by [phone or mail]. The representative said I owed [dollars] on behalf of [creditor]. However, I do not owe this debt. My information was stolen at [when] and I have disputed this account with [name of creditor] and the major credit bureaus.
If you still believe I am responsible for this debt, please send me proof of my debt. Until then, please cease all contact with me and note in your records that I dispute any liability for this debt.
If you are reporting this information to a credit bureau or have already reported it, let me know that I am disputing this debt.
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The Consumer Financial Protection Bureau’s website has other sample letters you can customize to respond to debt collectors.
If you discover debts you don’t owe or accounts you never opened on your credit report, you can dispute them with the credit bureau. All three major credit bureaus (Equifax, Experian, and TransUnion) provide instructions on their websites for disputing debt.
After you mail your request, debt collectors should send you any documents you owe. Or they may stop all collection efforts if they don’t have enough information to prove you owe. If they send you documentation, review it carefully and compare it to your own records.
If the debt collector says you owe money, you can negotiate with the debt collector to make a partial payment or work out a payment plan. If you don’t know what to do next and the amount collected is large enough, a debt collection attorney can help.
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You should respond to the debt collection letter as soon as possible. Even if you don’t believe you owe, you should take steps to avoid future collection efforts. Defaulting on your debt can hurt your credit score.
If you don’t respond to a debt collection letter or don’t pay the debt to the debt collector, the debt collector can sue you to get their money back.
If you owe more than the amount listed on the debt collection letter, you should pay it off as soon as possible to avoid damaging your credit score. If you don’t believe you owe money, you can take the steps outlined in a debt collection letter to dispute the debt.
Submitting your debt to a collection agency also has serious consequences, including potential damage to your credit. Some debt collectors can be aggressive and try to collect debts you never owed or no longer owe.
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Debt collectors must provide you with certain information in their debt confirmation letter. It is important to understand your debt collection rights, including your right to receive a debt collection letter. Before agreeing to pay anything or even admitting that the debt is yours, you need to make sure you receive the information listed in the debt collection letter.
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