News Wedbush Securities Inc. Settles for $350,000 Fine with FINRA Over Unauthorized Wire Transfers
Wedbush Securities Inc. has settled with FINRA for a $350,000 fine after a cyber fraud incident involving unauthorized wire transfers of over $6.6 million. The breach, occurring between January 27 and February 4, 2021, was due to a hacked email of a representative from a correspondent firm. FINRA's investigation highlighted Wedbush's failure in due diligence and verification processes. The firm has since reimbursed affected customers, updated its supervisory procedures, and committed to enhanced cybersecurity measures to protect client assets.
