Massachusetts regulators have fined the online brokerage firm Webull $500,000 for what they describe as lax compliance operations that failed to keep pace with a steep increase in the firm’s customer base.
Webull, launched in 2018, enjoyed rapid growth, eventually topping six million accounts, including more than 100,000 in Massachusetts. In 2019, its user base increased 182%, according to a consent order Webull reached with the state. The following year, the number of brokerage accounts spiked 443%.
But…
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