Webull Financial LLC has agreed to pay a fine of $115,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

Between at least October 2021 and April 2023, Webull routed options orders for execution with inaccurate origin codes, resulting in the execution of approximately 180,000 options contracts with an origin code of “Customer” that should have been coded “Professional Customer.” These inaccurate origin codes were contained in the firm’s books and records.

As a result, Webull violated Section 17(a) of the Securities Exchange Act of 1934, Exchange Act Rule 17a-3(a)(6)(i), and FINRA Rules 4511 and 2010.

In addition, from at least July 2021 through August 2023, Webull violated FINRA Rules 3110 and 2010 by failing to establish and maintain a system, including written supervisory procedures (WSPs), reasonably designed to supervise the accuracy of its options order origin codes.

The firm has agreed to a censure in addition to the $115,000 fine.