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FINRA Head of Enforcement, Jessica Hopper, to Exit after 18 Years

by Solomon Oladipupo
  • Hopper joined FINRA in 2004 as an Enforcement Attorney.
  • FINRA issued its largest financial penalty under Hopper's leadership.
FINRA’s Head of Enforcement, Jessica Hopper, to Exit after 18 Years
Jessica Hopper will cease to be FINRA's Head of Enforcement on Februray 3, 2023.
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Jessica Hopper, the Head of Enforcement of the Financial Industry Regulatory Authority (FINRA), a non-profit body that regulates brokerages that serve the American public, is set to depart from the organization on February 3 after 18 years of service. The self-regulatory organization (SRO) announced Hopper's planned exit on Tuesday.

Additionally, FINRA disclosed that Christopher Kelly, the Senior Vice President and Deputy Head of Enforcement, will take over Hopper's role in an acting capacity until a new boss is appointed for the division.

Hopper, who joined FINRA in 2004 as an Enforcement Attorney, has served the membership-based organization in various capacities including as Vice President of Regional Enforcement between 2011 and 2016 and as the Senior Vice President and Deputy Head of Enforcement between 2018 and 2020. She became the Acting Head of Enforcement in September 2019 and took on the role in a permanent capacity in January 2020.

In a statement, Robert Cook, FINRA’s President and CEO, praised Hopper's contributions towards investor protection and ensuring continued market integrity.

“With Jessica at the helm, the Department of Enforcement returned millions of dollars to wronged investors, vigorously pursued complex cases throughout significant market disruptions, and completed a re-organization that has fostered an even more efficient and effective enforcement program,” Cook explained.

Watch the recent FMLS22 session that explores all angles on financial regulation in 2023.

Some of FINRA's Achievements under Hopper

According to FINRA, the organization recorded some of its biggest milestones under Hopper’s leadership of the enforcement team. In June 2021, the regulator ordered Robinhood Financial LLC to pay approximately $70 million for its “systemic supervisory failures and the significant harm suffered by millions of customers.” The penalty includes a fine of $57 million and approximately $12.6 million the firm was ordered to pay to customers in restitution.

“The sanctions represent the largest financial penalty ever ordered by FINRA and reflect the scope and seriousness of the violations,” FINRA said.

Furthermore, the SRO said it has instituted its first-ever disciplinary actions against crowdfunding portals under the departing executive's leadership. The actions against the portals were to tackle their failure to act in compliance with federal securities laws and rules.

“In 2020 and 2021 alone, [FINRA] ordered $72.2 million in customer restitution, expelled three firms and suspended five others, and barred 515 individuals and suspended 761 others,” the American regulator added, expanding on its records under Hopper.

Jessica Hopper, the Head of Enforcement of the Financial Industry Regulatory Authority (FINRA), a non-profit body that regulates brokerages that serve the American public, is set to depart from the organization on February 3 after 18 years of service. The self-regulatory organization (SRO) announced Hopper's planned exit on Tuesday.

Additionally, FINRA disclosed that Christopher Kelly, the Senior Vice President and Deputy Head of Enforcement, will take over Hopper's role in an acting capacity until a new boss is appointed for the division.

Hopper, who joined FINRA in 2004 as an Enforcement Attorney, has served the membership-based organization in various capacities including as Vice President of Regional Enforcement between 2011 and 2016 and as the Senior Vice President and Deputy Head of Enforcement between 2018 and 2020. She became the Acting Head of Enforcement in September 2019 and took on the role in a permanent capacity in January 2020.

In a statement, Robert Cook, FINRA’s President and CEO, praised Hopper's contributions towards investor protection and ensuring continued market integrity.

“With Jessica at the helm, the Department of Enforcement returned millions of dollars to wronged investors, vigorously pursued complex cases throughout significant market disruptions, and completed a re-organization that has fostered an even more efficient and effective enforcement program,” Cook explained.

Watch the recent FMLS22 session that explores all angles on financial regulation in 2023.

Some of FINRA's Achievements under Hopper

According to FINRA, the organization recorded some of its biggest milestones under Hopper’s leadership of the enforcement team. In June 2021, the regulator ordered Robinhood Financial LLC to pay approximately $70 million for its “systemic supervisory failures and the significant harm suffered by millions of customers.” The penalty includes a fine of $57 million and approximately $12.6 million the firm was ordered to pay to customers in restitution.

“The sanctions represent the largest financial penalty ever ordered by FINRA and reflect the scope and seriousness of the violations,” FINRA said.

Furthermore, the SRO said it has instituted its first-ever disciplinary actions against crowdfunding portals under the departing executive's leadership. The actions against the portals were to tackle their failure to act in compliance with federal securities laws and rules.

“In 2020 and 2021 alone, [FINRA] ordered $72.2 million in customer restitution, expelled three firms and suspended five others, and barred 515 individuals and suspended 761 others,” the American regulator added, expanding on its records under Hopper.

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