The Finleet Terminal recorded 40 events across broker-dealer and RIA verticals on Monday — 32 RIA graduations, 6 broker-dealer filings, and 2 FinCEN announcements — highlighted by a proposed rulemaking to establish a formal whistleblower payment program and a healthcare fraud advisory.

FinCEN Proposes Whistleblower Payment Rule

The Financial Crimes Enforcement Network announced a proposed rule to establish a formal program for paying whistleblowers who report information leading to enforcement actions against illicit finance. FinCEN described the proposal as a “major milestone” in implementing the whistleblower provisions aimed at combating money laundering, terrorist financing, and sanctions evasion. The proposed rule would create a structured framework for processing and compensating tipsters — a significant expansion of FinCEN’s enforcement toolkit that mirrors the SEC’s successful whistleblower program, which has awarded over $2 billion since its inception.

In a separate advisory issued the same day, FinCEN warned financial institutions about health care fraud schemes targeting Medicare, Medicaid, and other federal and state health care benefit programs. The advisory outlines red flags and suspicious activity typologies to help banks and other covered institutions identify and report fraudulent billing and kickback arrangements flowing through the financial system.

RIA Graduations: 32 Firms Complete SEC Registration

Thirty-two advisory firms graduated to full SEC registration on Monday, spanning 15 states. New York led with 9 graduations, followed by Virginia (4), Florida (2), Georgia (2), California (2), New Jersey (2), Massachusetts (2), and Michigan (2), with one each from Alabama, Pennsylvania, South Carolina, Oregon, Connecticut, Texas, and Wisconsin.

Fastest graduation: Magellan Planning Group of Atlanta, Georgia completed its registration in just 84 days. Doxara Capital LP of Jacksonville, Florida followed at 87 days — both well within the 120-day statutory window. Slowest completions: Four firms tied at 137 days — Harvest Faith-Based Investing (Lynchburg, VA), Pointone Family Office (Manhattan Beach, CA), Musaffa LLC (New York, NY), and Anchored Financial Planning LLC (West Deptford, NJ) — exceeding the standard window by 17 days.

Notable graduates include Oaklawn Capital Management LLC (New York, NY, 105 days), Activ8 Family Office LLC (McLean, VA, 119 days), August Wealth Advisors LLC (Westport, CT, 126 days), 71 West Capital Partners (Boston, MA, 136 days), and ARX Private Wealth (Lancaster, PA, 136 days).

Broker-Dealer Activity: 6 Filings Across 6 Firms

Monday was a light day for broker-dealer filings, with six firms updating ownership structures. National Financial Services LLC (CRD 13041), the Fidelity-owned clearing giant, filed changes to its direct ownership disclosure. TradeZero America, Inc. (CRD 282940), the commission-free trading platform, updated its direct owner records. Summit Securities Group LLC (CRD 159283) and Institutional Bond Network, LLC (CRD 187515) also filed ownership updates via FINRA. On the SEC side, Prairie Capital (CRD 155566) filed an ADV amendment and PeachCap Securities, Inc. (CRD 25590) added a PDF filing.

Weekend-to-Monday Data Note

No RIA registration failures were recorded on Monday, a contrast to Sunday’s five terminations. The lighter broker-dealer filing volume reflects the typical Monday pattern where weekend-submitted filings have not yet fully processed through FINRA’s and SEC’s systems. Advisor-level move and disclosure data were not available for this filing period.