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CapFi classifies CEO personal expenses as business ones, gets $15k fine
CapFi Financial Partners LLC has been issued with a fine by the Financial Industry Regulatory Authority (FINRA) after the firm’s CEO used the corporate credit card to pay for plane tickets and lodging accommodations for family members and the firm failed to classify these properly. From February 2016 to February 2018, MK – CapFi’s owner, CEO, and CCO – used the firm’s credit card and bank account to pay for approximately $265,000 of his personal expenses. MK’s personal expenses included plane tickets and lodging accommodations for family members, as well as purchases for goods or services with no ... (full story)