The Finleet Terminal recorded 115 events across broker-dealer and RIA verticals on Thursday, headlined by a $600,000 FINRA fine against BTIG for off-channel communications failures, a leadership reshuffle at Goldman Sachs Custody Solutions, and a 30-firm wave of RIA graduations dominated by New York.

BTIG Fined $600,000 for Off-Channel Communications Failures

FINRA issued an Acceptance, Waiver, and Consent (AWC) against BTIG (Case 2023079613601), censuring the firm and imposing a $600,000 fine. 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.

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. The action continues the regulatory pattern of enforcement against off-channel communications that has generated over $2 billion in collective penalties since the SEC’s 2021 initiative targeting recordkeeping failures at broker-dealers and investment advisers.

Goldman Sachs Custody Solutions Reshuffles Leadership

Goldman Sachs Custody Solutions (CRD 48015) executed a significant leadership turnover, onboarding four new executives while losing two senior officers. Michael Pritchard joined as Assistant General Counsel and Secretary, William Dalton and Sarah Romo joined as Directors, and Pankauz N. Shrestha joined as Assistant General Counsel. Departing the firm were Adam James Siegler (Director) and Peter Richard Geraghty (General Counsel).

The simultaneous departure of the General Counsel and arrival of two new legal officers — an Assistant General Counsel/Secretary and a separate Assistant General Counsel — suggests a restructuring of the custody unit’s legal function.

Centaurus Financial CCO Transitions to Director/EVP/CAO

Centaurus Financial, Inc. (CRD 30833) transitioned Jerome Victor Duhovic (CRD 2123754) from Chief Compliance Officer to Director/EVP/Chief Administrative Officer. The move leaves the CCO seat vacant and elevates Duhovic to the C-suite in an operational capacity. Separately, a Harris Williams (CRD 113930) FINOP, Jason Edward Heath Hart, was promoted to Principal Operations Officer.

Principal Securities Adds Pershing LLC for Clearing

Principal Securities, Inc. (CRD 1137) added Pershing LLC (CRD 7560) as a clearing and execution vendor effective March 25, 2026. The arrangement covers books and records maintenance by Pershing on behalf of Principal Securities pursuant to a clearing agreement between the parties. Pershing, headquartered in Jersey City, New Jersey, is one of the largest clearing platforms in the industry, providing custody, clearing, and settlement services to introducing broker-dealers.

DBA Changes: Two Firms Add Trading Names

IA Capital Advisors, LLC (CRD 161772) added the trading name “IA Ventures” and S2K Financial LLC (CRD 248786) added the trading name “Bevington Capital.” DBA additions often signal new product lines, marketing initiatives, or strategic pivots within existing broker-dealer structures.

RIA Graduations: 30 Firms Complete SEC Registration

Thirty advisory firms graduated to full SEC registration on Thursday, with New York contributing 8 of the 30 — continuing the state’s dominance in the RIA graduation pipeline. The geographic distribution:

New York (8), Virginia (4), Georgia (2), Florida (2), California (2), New Jersey (2), Massachusetts (2), Michigan (2), and one each from Connecticut, Alabama, Pennsylvania, Oregon, Texas, and Wisconsin.

Fastest graduation: Magellan Planning Group of Atlanta, Georgia completed its registration in just 80 days. Doxara Capital LP of Jacksonville, Florida followed at 83 days. Slowest completions: Three firms — Pointone Family Office (Manhattan Beach, CA), Musaffa LLC (New York, NY), and Anchored Financial Planning LLC (West Deptford, NJ) — each took 133 days, exceeding the standard 120-day window by 13 days.

Notable graduates include August Wealth Advisors LLC (Westport, CT, 122 days), Hv Capital Management (Montgomery, NY, 107 days), and Vertrix Wealth Management, LLC (Troy, MI, 97 days).

Advisor Moves: Rebrands and Competitive Departures

The 17 advisor move events included 11 rebrands and 6 competitive departures. Varra Wealth Management LLC rebranded to Varra Financial (5 advisors) and Tradewell Securities, LLC rebranded to Tradewell Tax & Financial (4 advisors). Among competitive moves, Rommel Garcia (CRD 5167024) departed PNC Wealth Management LLC for J.P. Morgan Securities LLC, two advisors left Private Advisor Group, LLC for Wells Fargo Advisors Financial Network, LLC, and Gavin Harsh (CRD 7996844) moved from Harsh Wealth Management LLC to Stonebridge Wealth Systems LLC.

Disclosure Activity: 14 Events Across Major Firms

Fourteen disclosure events were recorded, with new judgments and customer complaints filed against representatives at J.P. Morgan Securities LLC, Edward Jones, and Oppenheimer & Co. A judgment/lien was removed from a Centaurus Financial representative’s record, and a civil judgment was expunged from a Compound Planning advisor’s record. Notable new disclosures include a civil judgment of $4,593.63 against a J.P. Morgan representative and new customer complaints at Edward Jones.