BTIG, LLC has agreed to pay a fine of $600,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

Between at least January 2020 and July 2024, BTIG failed to reasonably supervise its employees’ use of unapproved communications platforms for business purposes and failed to preserve business-related communications sent and received through unapproved platforms by more than 50 current and former firm employees, including members of senior management.

As a result, the firm violated Section 17(a) of the Securities Exchange Act of 1934, Exchange Act Rule 17a-4, and FINRA Rules 4511, 3110(a), and 2010.

On top of the $600,000 fine, the firm has agreed to a censure.

BTIG has been a FINRA member firm since 2002. The firm, which has approximately 500 registered representatives, is headquartered in San Francisco, California. The firm provides investment banking, institutional sales and trading, and research services, as well as related brokerage services.