Webull Financial LLC has agreed to a $1.6 million settlement with the Financial Industry Regulatory Authority (FINRA) over failures in its supervision, recordkeeping, and disclosures. For investors who relied on Webull’s trading platform, the settlement underscores how lapses in oversight can put retail clients at risk.
If you invested through Webull or another trading platform and suffered losses tied to crypto fraud, misleading promotions, or inadequate disclosures, Meyer Wilson Werning may be able to help you explore your recovery options. Reach out today to discuss your next steps with us.

Webull’s Use of Influencers and Social Media
Between January 2019 and December 2022, Webull allowed social media influencers to promote its services without putting reasonable supervisory measures in place. According to FINRA, the firm failed to retain and review many of these communications — some of which contained exaggerated or promissory statements.
Why This Matters to Investors
- Promissory claims: Some influencer content suggested guaranteed profits, which is prohibited under FINRA Rule 2210.
- Lack of oversight: By not monitoring these posts, Webull failed to ensure investors were receiving balanced and accurate information.
- Regulatory violations: The firm’s conduct violated several FINRA advertising and supervision rules, including Rules 2210, 2220, and 3110.
For retail investors, this meant they could have been persuaded by claims that made trading through Webull seem safer or more profitable than it truly was.
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Failures Related to Form CRS
From June 2020 through December 2022, Webull also failed to timely deliver its Form CRS (Customer Relationship Summary) to certain clifents. This disclosure is meant to give investors important information about the firm’s services, conflicts of interest, and fees in plain language.
Key Issues Identified
- Failure to deliver Form CRS: Some customers never received this mandatory disclosure.
- Recordkeeping failures: The firm did not consistently make and preserve the records tied to these disclosures.
- Supervisory lapses: Webull lacked a supervisory system designed to comply with its Form CRS obligations.
Without access to a Form CRS, investors may have missed critical details that could influence their decision to trade with the firm.
Webull’s Regulatory History
Webull became a FINRA member in January 2018 and began offering trading to customers in May of that year. The firm markets itself as a low-cost, mobile-first brokerage for self-directed investors. Headquartered in New York, Webull has three branch offices and around 100 registered representatives.
While the company has grown rapidly in recent years, this settlement demonstrates that growth without proper compliance oversight can expose investors to risks — particularly when promotional content on social media is involved.
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How Meyer Wilson Werning Helps Investors
Cases like Webull’s $1.6 million settlement show the importance of holding financial firms accountable when they fail to follow rules designed to protect investors. If you invested through Webull and experienced losses that may have been tied to misleading promotions or missing disclosures, our team at Meyer Wilson Werning can help evaluate your case and pursue recovery options. Contact us today to find out how we can help you.
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Frequently Asked Questions

Why was Webull Financial fined by FINRA?
FINRA fined Webull $1.6 million for supervisory and compliance failures, including not properly overseeing social media influencer promotions and failing to deliver required disclosure documents like Form CRS to certain customers.
What role did social media influencers play in the violations?
Between 2019 and 2022, Webull failed to supervise influencer communications that promoted the firm. Some of these posts included exaggerated or promissory claims that violated FINRA’s advertising rules.
What is Form CRS, and why is it important?
Form CRS (Customer Relationship Summary) is a disclosure document that explains a firm’s services, fees, conflicts of interest, and disciplinary history. Webull failed to deliver this form on time to some customers and did not maintain proper records.
Which rules did Webull violate?
Webull was found to have violated FINRA Rules 2210, 2220, 3110, 4511, and 2010, as well as Exchange Act § 17(a) and Rules 17a-3, 17a-4, and 17a-14, covering advertising, recordkeeping, and supervisory obligations.
How can investors be affected by these violations?
When firms fail to follow advertising and disclosure rules, investors may be misled about risks or deprived of important information needed to make informed decisions. This can increase the likelihood of unsuitable investments or unexpected losses.
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