Vistia Capital, LLC has agreed to pay a fine of $40,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From June 2021 through at least January 2023, Vistia’s business focused on recommending private placements of securities to retail customers.

During this period, two of the firm’s registered representatives disclosed seven outside business activities, including three that related to business relationships with issuers of the firm’s private placement offerings. The firm approved these activities but failed to consider whether the OBAs would interfere with or compromise the representatives’ responsibilities to Vistia or its customers, or be viewed by customers or the public as part of Vistia’s business.

As a result, Vistia violated FINRA Rules 3110, 3270.01, and 2010.

Vistia has agreed to censure in addition to the fine of $40,000. The firm is also required to certify that it has implemented a supervisory system reasonably designed to remediate the issues.

Vistia has been a FINRA member since June 2021. The firm is headquartered in Lone Tree, Colorado, and employs 14 registered representatives at a single branch office. The firm’s primary business is the sale of private placements of securities.