As part of its settlement with the Financial Industry Regulatory Authority (FINRA), Elevation LLC agreed to pay a $75,000 fine.。

From January 2016 to April 2022, Elevation's regulatory system, including its written regulatory process (WSP), was not properly designed to detect potentially fraudulent transactions, including fraudulent, stratified, and laundered transactions in equity securities.。

Elevation does not have any surveillance systems (including monitoring or supervisory review) to monitor any type of fraudulent transactions, including deception, layering and laundering transactions。

The WSP requires the company to conduct a manual review of the company's transaction records on a daily basis, which is done by the company's supervisors.。However, the WSP does not include procedures that describe how transaction records are reviewed to identify different types of fraudulent transactions (such as spoofing, layering and dishwashing transactions), nor does it explain why such reviews are required。

In addition, the company's trading record book includes only executed orders and does not include quote or cancel order information, which is necessary to detect deception and layering, because each behavior involves displaying and canceling orders to deceive other market participants.。

As a result of the above actions, Elevation violated FINRA rules 3110 and 2010.。

In addition to the fine, the company agreed to accept a censure。