Apex Clearing to Pay $3.2M Over Securities Lending Program

What You Need To Know

• This is the first time FINRA has charged a firm with violating FINRA Rule 4330, the customer protection rule.
• Customers who lent securities were not paid their share of the borrowing fee, according to the regulator.
• Documents from Apex that misrepresented the program's compensation were sent to more than 5 million investors, FINRA says.