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05/06/2024
FINRA Fines SoFi $1.1M For Customer ID, Identity Theft Oversight
Wealth Management
SoFi Financial, a San Francisco-based brokerage firm specializing in self-directed retail trading, will pay $1.1 million to settle FINRA charges alleging that the firm’s cash management brokerage account was vulnerable to fraud, with third parties transferring millions from customer accounts without authorization.
Starting in 2018, SoFi offered some customers the “SoFi Money” brokerage account, offering features similar to traditional banking, including check writing and debit cards; the program went live for the general public the following February.
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