Cambridge Investment Research Inc.

04/30/2026: From June 30, 2020, through February 2023, Cambridge failed to reasonably supervise a registered representative’s Unit Investment Trust recommendations to achieve compliance with the Care Obligation of Regulation Best Interest. Cambridge therefore violated FINRA Rules 3110 and 2010. For these violations, the firm is censured and fined $200,000.

Reference 2023078217102data-portal.finra.orgfinra.org

03/31/2015: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2013038730901 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Cambridge Investment Research, Inc. (BD No. 39543), Respondent Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Cambridge investment Research, Inc. ("CIR" or the "Firm") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement

Reference 2013038730901data-portal.finra.orgfinra.org

04/01/2026: From at least January 2018 to February 2025, Cambridge failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to surveil rates of deferred variable annuity exchanges. As a result, the firm failed to detect 22 “inappropriate exchanges,” as defined in FINRA Rule 2330(d), by a former registered representative that caused 14 customers to incur $129,938.79 in unnecessary surrender fees. Accordingly, Cambridge violated FINRA Rules 3110, 2330(d), and 2010. For these violations, Cambridge is censured, fined $150,000, and agrees to pay restitution in the amount of $129,938.79 plus interest to affected customers.

Reference 2022077257802data-portal.finra.orgfinra.org

05/03/2018: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2016048934301 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Cambridge Investment Research, Inc., Respondent ("Cambridge") CRD No. 39543 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Cambridge submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations

Reference 2016048934301finra.orgdata-portal.finra.org

12/15/2016: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2015046952401 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Cambridge Investment Research, Inc., Respondent CRD No. 39543 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Cambridge Investment Research, Inc. submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted

Reference 2015046952401data-portal.finra.orgfinra.org

06/19/2017: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 20160498349-01 TO: Department of Market Regulation Financial Industry Regulatory Authority ('FINRA") RE: Cambridge Investment Research, Inc., Respondent Broker-Dealer CRD No. 39543 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Cambridge Investment Research, Inc. ("CIRI" or the "firm") submits this Letter of Acceptance, Waiver and Consent (''AWC") for the purpose of proposing a settlement of the alleged

Reference 2016049834901data-portal.finra.orgfinra.org

12/31/2013: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2010023826301 TO: Department of Enforcement Financial Industry Regulatory Authority (''FINRA") RE: Cambridge Investment Research, Inc., Respondent CRD No. 39543 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Respondent Cambridge Investment Research, Inc. ("Cambridge" or the firm) submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the

Reference 2010023826301data-portal.finra.orgfinra.org

03/29/2021: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2018056443801 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Cambridge Investment Research, Inc., Respondent Member Firm CRD No. 39543 Pursuant to FINRA Rule 9216, Respondent Cambridge Investment Research, Inc. submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.

Reference 2018056443801data-portal.finra.orgfinra.org

12/20/2024: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2020068650901 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Cambridge Investment Research, Inc. Member Firm CRD No. 39543 Pursuant to FINRA Rule 9216, Respondent Cambridge Investment Research, Inc. (CRD No. 39543) submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted on the condition that, if accepted, FINRA will not bring any future actions against Respondent alleging violations based on the same factual findings described in this AWC.

Reference 2020068650901data-portal.finra.orgfinra.org

12/31/2019: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2017052543601 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Cambridge Investment Research, Inc., Respondent Member Firm CRD No. 39543 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Respondent Cambridge Investment Research, Inc. ("Cambridge" or the "Firm") submits this Letter of Acceptance, Waiver and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below. This AWC

Reference 2017052543601data-portal.finra.orgfinra.org

06/08/2007: NASD LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. ## 20050001786-01 TO: Department of Market Regulation NASD RE: Cambridge Investment Research, Inc. Respondent Broker-Dealer CRD No. 39543 Pursuant to Rule 9216 of NASD Code of Procedure, Cambridge Investment Research, Inc. (the "firm") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations described in Part II below. This AWC is submitted on the condition that, if accepted, NASD

Reference 2005000178601data-portal.finra.orgfinra.org