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Financial ADVSR data, updated October 15, 2026

Regulation & Enforcement Tracker

Every SEC and FINRA action against investment advisers, brokers and their firms in 2026, recorded from the regulators’ own releases and linked to each one.

Regulators have brought 102 actions against advisers, brokers and their firms this year, 98 by the SEC and 4 by FINRA, with $229M in fines, disgorgement and restitution. The largest: Western Asset Management Company LLC, $100M (SEC, Oct 6, 2026).

Actions in 2026
102
Against firms
47
Against individuals
55
Ordered or agreed
$229M

By regulator

RegulatorActionsFines and penaltiesDisgorgementRestitution
SEC98$206M$635,898—
FINRA4$21.2M—$1.2M

Disgorgement includes prejudgment interest. Amounts are what each release says was ordered or agreed, not what was collected.

By alleged violation

  1. Fraud and misappropriation34$3.4M
  2. Fiduciary duty and conflicts27$865,898
  3. Registration and reporting25$1M
  4. Marketing and disclosures8$750,000
  5. Supervision2$102M
  6. Anti-money laundering2$20.8M
  7. Fees and billing2—
  8. Other1$100M
  9. Recordkeeping and communications1$650,000

Largest sanctions of 2026

  1. $100MWestern Asset Management Company LLCSEC, other, Oct 6, 2026Release
  2. $100MWestern Asset Management Company, LLCSEC, supervision, Jun 5, 2026Release
  3. $20MUBS Financial Services Inc.FINRA, anti-money laundering, Aug 3, 2026Release
  4. $3MStephen Kenneth LeechSEC, fraud and misappropriation, Oct 6, 2026Release
  5. $1.6MAmerican Portfolios Financial Services, Inc.FINRA, supervision, Sep 22, 2026Release
  6. $800,000Revere Securities LLCFINRA, anti-money laundering, Oct 6, 2026Release
  7. $659,350Keith R. GebertSEC, fiduciary duty and conflicts, Sep 24, 2026Release
  8. $650,000Jefferies LLCSEC, recordkeeping and communications, Oct 9, 2026Release
  9. $600,000Riadh FakhourySEC, marketing and disclosures, Apr 8, 2026Release
  10. $236,451Ivan MoadSEC, fraud and misappropriation, Aug 13, 2026Release

The log

Download CSV

25 actions match Clear

  1. 34-106569

    JPMorgan Chase Bank, N.A.

    SEC administrative proceeding, registered security-based swap dealer

    According to the SEC's order, J.P. Morgan permitted a statutorily disqualified person to effect or be involved in at least 800 security-based swap transactions from November 2021 to March 2024, and lacked a reasonably designed supervisory system to prevent it.

    Censure; cease-and-desist

    Settled without admitting or denyingRegistration and reportingOfficial release

  2. 34-106569

    J.P. Morgan Securities LLC

    SEC administrative proceeding, registered security-based swap dealer

    According to the SEC's order, J.P. Morgan permitted a statutorily disqualified person to effect or be involved in at least 800 security-based swap transactions from November 2021 to March 2024, and lacked a reasonably designed supervisory system to prevent it.

    Censure; cease-and-desist

    Settled without admitting or denyingRegistration and reportingOfficial release

  3. LR-26660

    Michael Noble

    SEC civil action

    According to the SEC's complaint, Noble promoted BitConnect and sold securities in its lending program without registering the offering or registering as a broker-dealer; a final judgment was entered July 17, 2026.

    $50,000 penalty

    Permanent injunctions; conduct-based injunctions

    SettledRegistration and reportingOfficial release

  4. LR-26660

    Craig Grant

    SEC civil action

    The SEC alleges Grant promoted BitConnect's lending program and sold its securities without registering the offering or registering as a broker-dealer; a default final judgment was entered August 7, 2026.

    $230,480 penalty

    Permanent injunctions; conduct-based injunctions

    Default judgmentRegistration and reportingOfficial release

  5. LR-26660

    Trevon Brown

    SEC civil action

    According to the SEC's complaint, Brown promoted BitConnect's lending program and sold its securities without registration or broker-dealer registration; a final judgment on consent was entered September 9, 2026.

    $75,000 penalty

    Permanent injunctions

    SettledRegistration and reportingOfficial release

  6. 34-106553

    Trevon Brown

    SEC administrative proceeding

    According to the SEC's order, Brown allegedly offered unregistered BitConnect lending investments and received transaction-based compensation while not registered as a broker-dealer; a consent judgment enjoined future violations.

    Suspended from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO for 12 months

    Settled without admitting or denyingRegistration and reportingOfficial release

  7. 34-106544

    Anthony Tyler Williams

    SEC administrative proceeding, Co-owner and operator of KOT4X, an unregistered entity that held itself out as an online broker

    According to the SEC's order, Williams solicited U.S. retail investors to trade stock-based CFDs, security-based swaps, through KOT4X without registering as a broker-dealer, in willful violation of Exchange Act Section 15(a)(1).

    Cease-and-desist; bar from association with any broker, dealer, investment adviser or other regulated firm with right to reapply after two years; civil money penalty

    Settled without admitting or denyingRegistration and reportingOfficial release

  8. 34-106543

    Michael Talento

    SEC administrative proceeding, Co-owner and operator of Prosperity LLC, an unregistered online broker; never registered with the Commission in any capacity

    According to the SEC's order, Talento willfully violated Section 15(a)(1) of the Exchange Act by effecting and inducing transactions in stock-based security-based swaps (CFDs) through unregistered broker Prosperity, without admitting or denying the findings.

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  9. 34-106542

    Michael Levi Peters

    SEC administrative proceeding, Co-owner and operator of Prosperity, an unregistered online broker; never registered with the Commission in any capacity

    According to the SEC's order, Peters acted as an unregistered broker by effecting and inducing transactions in stock-based CFDs, which were security-based swaps, for others in violation of Exchange Act Section 15(a)(1).

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  10. 34-106541

    Lewis Neal

    SEC administrative proceeding, Co-owner and operator of FxSway LLC, an unregistered entity that held itself out as a broker offering CFDs; never registered with the Commission in any capacity

    According to the SEC's order, Neal willfully violated Section 15(a)(1) of the Exchange Act by effecting transactions in and inducing security-based swap purchases and sales for others while unregistered as a broker-dealer.

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO with right to reapply after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  11. 34-106540

    Jordan Morgan

    SEC administrative proceeding, Unregistered co-owner and operator of Prosperity LLC, an unregistered online broker

    According to the SEC's order, Morgan willfully violated Section 15(a)(1) of the Exchange Act by effecting and inducing transactions in security-based swaps (stock-based CFDs) for customers without registering as a broker-dealer, from 2020 to 2023.

    Cease-and-desist order; barred from association with any broker, dealer, investment adviser or other SEC-regulated entity, with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  12. 34-106539

    Tyler MacKechnie

    SEC administrative proceeding, Owner and operator of unregistered online broker Envi LLC; never registered with the Commission

    According to the SEC's order, MacKechnie, without admitting the findings, consented to sanctions for operating unregistered broker Envi, which offered stock-based CFDs to U.S. retail investors without registration.

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to reapply after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  13. 34-106538

    Quillan Black

    SEC administrative proceeding, unregistered broker

    According to the SEC's order, Black co-owned and operated an unregistered broker at www.kot4x.com that facilitated security-based swaps offered to U.S. retail investors, in violation of Section 15(a)(1).

    $125,000 penalty

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  14. 34-106538

    Tyler MacKechnie

    SEC administrative proceeding, unregistered broker

    According to the SEC's order, MacKechnie owned and operated an unregistered broker at www.envifx.com that facilitated security-based swaps offered to U.S. retail investors, in violation of Section 15(a)(1).

    $85,000 penalty

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  15. 34-106538

    Jordan Morgan

    SEC administrative proceeding, unregistered broker

    According to the SEC's order, Morgan co-owned and operated an unregistered broker at www.prosperity4x.com that facilitated security-based swaps offered to U.S. retail investors, in violation of Section 15(a)(1).

    $65,000 penalty

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  16. 34-106538

    Lewis Neal

    SEC administrative proceeding, unregistered broker

    According to the SEC's order, Neal co-owned and operated an unregistered broker at www.fxsway.com that facilitated security-based swaps offered to U.S. retail investors, in violation of Section 15(a)(1).

    $60,000 penalty

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  17. 34-106538

    Michael Levi Peters

    SEC administrative proceeding, unregistered broker

    According to the SEC's order, Peters co-owned and operated an unregistered broker at www.prosperity4x.com that facilitated security-based swaps offered to U.S. retail investors, in violation of Section 15(a)(1).

    $65,000 penalty

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  18. 34-106538

    Michael Talento

    SEC administrative proceeding, unregistered broker

    According to the SEC's order, Talento co-owned and operated an unregistered broker at www.prosperity4x.com that facilitated security-based swaps offered to U.S. retail investors, in violation of Section 15(a)(1).

    $65,000 penalty

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  19. 34-106538

    Anthony Tyler Williams

    SEC administrative proceeding, unregistered broker

    According to the SEC's order, Williams co-owned and operated an unregistered broker at www.kot4x.com that facilitated security-based swaps offered to U.S. retail investors, in violation of Section 15(a)(1).

    $125,000 penalty

    Cease-and-desist; barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to apply for reentry after two years

    Settled without admitting or denyingRegistration and reportingOfficial release

  20. 34-106171

    R4 Capital Funding LLC

    SEC administrative proceeding, unregistered broker providing broker services

    According to the SEC's order, R4 Funding provided unregistered broker services on 31 municipal bond offerings from June 2020 through December 2025, violating Section 15(a)(1).

    $100,000 penalty

    Cease-and-desist

    Settled without admitting or denyingRegistration and reportingOfficial release

  21. 34-105471

    David H. Goldman

    SEC administrative proceeding, unregistered broker; in-house salesperson at Woodbridge Group of Companies, LLC

    According to the SEC's order, Goldman acted as an unregistered broker by selling Woodbridge securities for commissions, and was never registered with or associated with a broker-dealer.

    Suspended from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO for twelve months

    Settled without admitting or denyingRegistration and reportingOfficial release

  22. 34-105467

    Nicole J. Walker

    SEC administrative proceeding, unregistered in-house salesperson at Woodbridge Group of Companies, LLC; acted as an unregistered broker

    According to the SEC's order, Walker acted as an unregistered broker by selling Woodbridge securities for commissions, and she consented to a twelve-month suspension without admitting or denying the findings.

    Twelve-month suspension from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO

    Settled without admitting or denyingRegistration and reportingOfficial release

  23. 34-105468

    Brook Church-Koegel

    SEC administrative proceeding, in-house salesperson at Woodbridge Group of Companies, acting as an unregistered broker

    According to the SEC's order, Church-Koegel acted as an unregistered broker by selling Woodbridge securities for commissions. He consented to the order without admitting or denying the findings, except jurisdiction and one admitted paragraph.

    Twelve-month suspension from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO

    Settled without admitting or denyingRegistration and reportingOfficial release

  24. 34-104683

    Erick M. Ruiz

    SEC administrative proceeding, manager and lead sales agent for MJ Capital Funding, LLC; acted as a broker and person associated with a broker without registration

    According to the SEC's order, Ruiz acted as an unregistered broker while selling about $2.5 million of MJ Capital Merchant Cash Advance securities to about 240 investors, and a related consent judgment permanently enjoins him from Securities Act and Exchange Act Section 15(a)(1) violations.

    Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO, with right to reapply after 3 years; barred from participating in any penny stock offering, with right to reapply after 3 years

    Settled without admitting or denyingRegistration and reportingOfficial release

  25. 34-104627

    Leonela M. Duarte

    SEC administrative proceeding, sales agent for MJ Capital Funding, LLC; unregistered broker and person associated with a broker

    According to the SEC's order, Duarte acted as an unregistered broker and sold unregistered Merchant Cash Advance Agreements issued by MJ Capital, raising at least $1.8 million from about 90 investors; she consented to a judgment in the related civil action.

    Barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO; barred from participating in any offering of a penny stock

    Settled without admitting or denyingRegistration and reportingOfficial release

Cite this

Financial ADVSR, “Regulation & Enforcement Tracker,” updated October 15, 2026, https://www.financialadvsr.com/data/enforcement

Free to quote and reuse with credit and a link.

How we report actions

The tracker records only what the regulators publish. Each entry comes from an SEC litigation release, an SEC administrative proceeding or a FINRA news release, and links to it. We use the regulator’s own framing: what the SEC alleges in a contested case stays an allegation, and a settlement made without admitting or denying the findings is labeled that way. Individuals appear only as the official release names them, and a name links to one of our people pages only when the CRD number matches, or the name and the firm in the release both match the profile. We don’t comment on guilt or innocence.

The scope is investment advisers, broker-dealers, registered representatives and the people who work with them. Public-company accounting cases, delinquent filers and offering frauds that involve no adviser or broker are left out. Each respondent named in a release gets its own entry, and an amount ordered jointly is counted once.

What it doesn’t show

  • FINRA entries come from FINRA’s news releases, which cover its larger cases. The full list is in FINRA’s monthly disciplinary actions reports and on BrokerCheck.
  • State securities regulators’ actions aren’t included yet.
  • Amounts are what was ordered or agreed, not what was paid. Some SEC orders are published only as documents; their amounts are in the linked order.
  • An action can be appealed, vacated or settled later. The release linked is the record as of the date shown.

Entries are recorded with the help of software that reads each release; every name, amount and CRD number must appear in the release text. If you see an error, or a regulator’s record has changed, tell us through our corrections process. The data is free to use under CC BY 4.0 with credit to Financial ADVSR. Coverage of the rules behind these cases: Regulation.

Questions

How many SEC enforcement actions against investment advisers and brokers have there been in 2026?

Financial ADVSR has recorded 98 SEC actions in 2026 against investment advisers, broker-dealers and people associated with them, from the SEC’s litigation releases and administrative proceedings, through October 15, 2026. One release can name several respondents; each is counted once.

What is the largest FINRA fine of 2026?

The largest FINRA sanction recorded so far in 2026 is $20,000,000 against UBS Financial Services Inc., announced August 3, 2026. FINRA fined UBS Financial Services Inc. $20 million for anti-money laundering violations.

What does “without admitting or denying” mean?

Most SEC and FINRA settlements let the firm or person agree to sanctions without admitting or denying the findings. The regulator’s findings stand for the settlement, but they are not an admission. The tracker shows the wording each release uses.

Where does the data come from?

Only official releases: the SEC’s litigation releases and administrative proceedings, and FINRA’s news releases. Each action links to the release it came from. Amounts, names and CRD numbers are recorded only when the release states them.

How do I report an error in the tracker?

Write to the editors through the corrections process on our editorial standards page. Errors are corrected promptly, and a respondent can ask us to update an entry when the regulator’s record changes.