![]() In 2022, FINRA ordered only three supersized restitution orders, totaling approximately $17 million, while in 2021, there were ten supersized restitution orders, totaling approximately $42 million.Īs a result, the total monetary sanctions ordered by FINRA (fines, restitution and disgorgement) in 2022 were $72 million. They claim a main driver in the decline in restitution was the reduction of “supersized” restitution orders, $1 million or more. FINRA ordered restitution of approximately $21 million, which was down 55% from the $47 million in restitution ordered in 2021. In 2022, the amount of restitution ordered by FINRA also decreased substantially. In 2021, FINRA assessed one mega fine, which was the record-setting $57 million case. In 2022, FINRA assessed two fines of $5 million or more, which they refer to as “mega” fines. FINRA assessed 11 fines of $1 million or more, which they refer to as “supersized” fines, in 2022. In contrast, the report says the number of cases with very large fines increased in 2022. Without that one large fine, FINRA’s fines in 2021 would have been $46 million, which would have resulted in only a 2% decrease from 2021 to 2022. ![]() However, the fines in 2021 included a single, record-setting $57 million fine against one firm. The firm found that FINRA’s fines decreased from $103 million in 2021 to $45 million in 2022, a 56% difference.
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