StoneX Financial Investigation
April 2024 -Winter Park, FL
According to FINRA records, StoneX Financial discloses 68 sanctions imposed by securities regulators in the United States as well as several other countries around the globe.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
StoneX Financial (formerly known as INTL FCStone), a FINRA registered broker dealer, is a subsidiary of StoneX Group, Inc, a publicly traded company (SNEX). . According to their website, StoneX Group, Inc. is an American financial services company which operates in six areas: commercial hedging, global payments, securities, physical commodities, foreign exchange and clearing/execution services.
Sanctions imposed by securities regulators include:
- 12/2023- $300,000 fine assessed in ICE Case#2022-027. Exchange’s business conduct committee determined StoneX Financial may have violated Exchange Rules 4.15(A), (B) & C.
- 11/2023- Chicago Mercantile Exchange fines StoneX Financial $70,000 for violations of violations of Rules 811 and 854.B.
- 6/2023-Korean Financial Services Commission assesses fine for violations of short trading rules
- 3/2023-Chicago Mercantile Exchange (CME) assesses $100,000 fine for violating customer gross margining overview requirements
- 1/2023- Chicago Mercantile Exchange assesses $50,000 fine violation of CME rules
- 7/2022- Ice Futures US- Monetary fine and disgorgement of $650,606 for engaging in pre-hedging
- 12/2021- Minneapolis Grain Exchange (MGEX) Disciplinary Committee assesses fine of $25,000 misreporting futures contracts
- 11/2021- FINRA assesses $60,000 fine for failure to properly report OTC order
In November 2023, brokerage firm BTIG LLC sued StoneX Group Inc. a rival investment bank and brokerage firm, in San Francisco and accuses StoneX Group Inc. of stealing proprietary secrets and is seeking damages of at least $200 million. Lawyers for BTIG describe this as “one of the greatest financial industry trade secret frauds in recent history.”
If you have losses in an account with StoneX Financial, contact us for a no charge consultation to learn how you may be entitled to recover damages through FINRA arbitration.
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090) Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. FINRA Rule 2111- suitability
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors worldwide who are seeking recovery of investment losses due to the negligence or fraud of FINRA registered stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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