SogoTrade, Inc has agreed to pay a fine of $75,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From January 2018 through present, SogoTrade failed to establish, document, and maintain a system of risk management controls and supervisory procedures reasonably designed to manage the financial, regulatory, and other risks of its market access business activity, including controls designed to prevent the entry of erroneous orders, in violation of Section 15(c)(3) of the Securities Exchange Act of 1934, Exchange Act Rules 15c3-5(b) and 15c3-5(c)(1)(ii), and FINRA Rules 3110 and 2010.

In addition, from January 2018 through December 2024, the firm failed to conduct at least annually a review of its market access controls and supervisory procedures and to complete the related CEO certifications in violation of Exchange Act § 15(c)(3), Exchange Act Rule 15c3-5(e) and FINRA Rule 2010.

On top of the $75,000 fine, SogoTrade has agreed to a censure, and an undertaking to certify its remediation of the issues.

SogoTrade has been a FINRA member since 1986 and is an introducing broker-dealer that provides online brokerage services, primarily to self-directed, retail customers. Headquartered in Chesterfield, Missouri, the firm has two branch offices and 17 registered representatives. At all relevant times, SogoTrade has provided market access to its customers by routing customer orders directly to at least one exchange and one alternative trading system (ATS).