FINRA has fined Network 1 Financial Securities Inc. (“Network 1”) $25,000 over best execution rule violations. The firm was also censured and consented to revise its written supervisory procedures to comply with best execution rules.
Network 1 is headquartered in Red Bank, New Jersey, and has been a FINRA member since August 1983. Network 1 is a full-service broker-dealer firm. Its clients include institutional investors, managed pension funds, high net worth individuals, and hedge funds. The firm has 104 registered individuals and 21 branch offices.
In 2017, Network 1 was included in a Reuters study that analyzed FINRA data and identified 48 firms whose brokers have been flagged for serious incidents. The Reuters’ analysis showed that Network 1 had 44.6% of its brokers with at least one of the most serious red flags on their public disclosure. You can read more about the Reuters analysis and our firm’s work to update the analysis here.