Navaid Financial Services Settles FINRA Case with $35,000 Fine

Navaid Financial Services, Inc. has agreed to pay a $35,000 fine and accept a censure as part of a settlement with the Financial Industry Regulatory Authority (FINRA), according to details released this week.

Regulators found that between May 29, 2018, and July 23, 2024, the firm failed to include the required Non-Transaction-Based Compensation (NTBC) indicator in 12,066 municipal securities transactions reported to the Municipal Securities Rulemaking Board’s (MSRB) Real-Time Transaction Reporting System. FINRA stated that the omission constituted a violation of MSRB Rule G-14.

The regulator also determined that from May 29, 2018, to June 30, 2025, Navaid did not maintain supervisory systems or written procedures designed to ensure compliance with the same rule. This was deemed a violation of MSRB Rule G-27.

In addition to the monetary penalty, the settlement includes a censure. Navaid Financial Services has been a member of FINRA and a registrant with the MSRB since 1997. Based in Haddonfield, New Jersey, the firm’s activities include the sale of municipal debt and bonds.