Altruist Financial LLC

02/27/2026: From March 2020 to April 2023, Altruist failed to reasonably supervise its fully paid securities lending business. Altruist participated in a fully paid securities lending program offered by its clearing firm in which over 30,000 of its customers were enrolled. However, Altruist had no system to supervise that business, including, for example, the customer enrollment process. In addition, Altruist provided a lending agreement to its participating customers that inaccurately stated that customers would receive loan fees for their borrowed shares and that Altruist would reduce management fees for participating customers. Therefore, Altruist violated FINRA Rules 3110, 2210(d)(1)(B), and 2010, and is censured, fined $150,000, and required to pay restitution of $142,851.22, plus interest...

Reference 2024082708301finra.orgdata-portal.finra.org