FINRA fined Avantax Investment Services $200,000 — the second-largest firm fine of the month — Cash App Investing elevated its Financial and Operations Principal to CEO and COO, and 13 new broker-dealers registered across 116 total events.

FINRA Fines Avantax Investment Services $200,000

FINRA fined Avantax Investment Services, Inc. $200,000 — the second-largest firm fine of February behind only the $140,000 penalty against J.P. Morgan Securities. Avantax, formerly known as HD Vest, is a tax-professional-focused independent broker-dealer that was acquired by Cetera Financial Group in 2024. The fine follows a period of significant organizational change at the firm, and the penalty amount suggests violations of a supervisory or procedural nature rather than client harm or fraud.

For the broader independent broker-dealer channel, the Avantax fine is a reminder that FINRA's enforcement attention extends beyond bulge-bracket firms to the independent platforms that serve financial advisors and tax professionals.

Cash App Investing FINOP Becomes CEO/COO

Cash App Investing LLC (CRD 144076) elevated Logan Stevenson Kolar (CRD 6496667) from Financial and Operations Principal to Chief Executive Officer and Chief Operating Officer. The FINOP-to-CEO/COO trajectory at Block Inc.'s retail brokerage subsidiary is an unusual career path that concentrates strategic leadership, operational management, and financial compliance in a single executive.

Cash App Investing — the brokerage arm of Block's Cash App mobile payment platform — offers commission-free stock and Bitcoin trading to retail investors. The elevation of a FINOP to the top leadership position suggests the firm is prioritizing operational and regulatory expertise as it scales its brokerage platform within the broader Cash App ecosystem.

Prudential Annuities President Becomes COO

Prudential Annuities Distributors, Inc. (CRD 21570) in Shelton, Connecticut, moved Tracey Maria Carroll (CRD 5841463) from President to Chief Operating Officer. The President-to-COO transition at Prudential's annuity distribution broker-dealer suggests an organizational restructuring where operational execution is being separated from strategic leadership — likely with a new President or CEO to be named.

Mercer Allied Replaces VP and CCO

Mercer Allied Company, L.P. (CRD 37404) replaced VP and Chief Compliance Officer Diana Elizabeth Ryan (CRD 2780148) with Steven Spencer as the new CCO. Compliance officer turnover at established New York-based broker-dealers continues at an elevated pace this month.

13 New Broker-Dealers — Year-to-Date Record

Thirteen new broker-dealer registrations were recorded — surpassing the 10-firm record set just two days earlier. Combined with one new 120-day RIA filing, the day produced 14 new industry entrants. One firm closed, producing a net gain of 13 firms — the highest net-positive day for industry formation in 2026. The sustained pace of new registrations challenges the conventional narrative of an industry in perpetual consolidation.

Six OCC Branch Closings

The OCC processed six branch closings — the highest single-day closure count of February — along with two branch establishments, one charter action, and one corporate action. The six-to-two ratio of closings to openings on this day reflects an aggressive branch rationalization cycle at national banks.

Across the Wire

Fourteen registration changes, six disclosure changes, six role changes, 15 advisor moves, and 11 RIA disclosures were recorded. Four RIA firms graduated while two failed. Nine SEC announcements and one CAT announcement were published. One DTCC notice was issued. Kyle Lindner was fined $5,000 by FINRA. One firm name change was filed.

All data sourced from FINRA BrokerCheck, SEC EDGAR, OCC, DTCC, and the Finleet Terminal as of February 20, 2026. Entity profiles are available at terminal.finleet.com.