Isaak Bond Investments, Inc. has agreed to pay a fine of $20,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

In March 2022, IBI conducted a securities business while failing to maintain its minimum required net capital. As a result, IBI violated the Securities Exchange Act of 1934 §15(c), Exchange Act Rule 15c3-1, and FINRA Rules 4110 and 2010.

During the same period, the firm recorded its net capital inaccurately on its books and records, and filed inaccurate FOCUS reports, in violation of Exchange Act§ 17(a), Exchange Act Rules 17a-3 and 17a-5, and FINRA Rules 4511 and 2010.

The firm also failed to timely file the required financial notification reporting its net capital deficiency, in violation of Exchange Act§ 17(a), Exchange Act Rule 17a-11, and FINRA Rule 2010.

In addition, between January 2018 and the present, IBI failed to conduct an annual independent test of the firm’s AML compliance program, in violation of FINRA Rules 3310 and 2010.

On top of the fine, IBI has agreed to a censure.