Alpaca Securities LLC agreed to pay a $300,000 fine and receive a censure from FINRA for serious trade reporting failures. The firm delayed reporting ~1.87 million transactions to FNTRF (April 2021 – June 2025), submitted inaccurate reports on over 6,700 trades and omitted required modifiers for ~2.2 million transactions (February 2021 – May 2023), and lacked adequate supervisory systems and written procedures for trade reporting compliance (December 2020 – February 2026), violating multiple FINRA rules.