Principal Investigator

Principal Investigator

The Principal Investigator independently conducts complex, high-risk investigations, developing strategies, identifying regulatory risks, and producing well-documented findings under limited supervision. This role serves as a team knowledge resource, mentors less experienced staff, and identifies emerging trends. The Principal Investigator collaborates with Enforcement, Risk and Intelligence, Examinations, and other RegOps partners to advance FINRA's mission.

Responsibilities include:

• Lead complex investigations — independently lead high-risk investigations involving complex fact patterns, multiple respondents, and varied products; develop and execute risk-based strategies under limited supervision.
• Build factual records — gather evidence through document review, data analysis, correspondence, and testimony; ensure findings are thorough, accurate, and well-documented.
• Perform data analysis — conduct advanced analysis using established methodologies; clearly articulate findings, exceptions, and assumptions.
• Collaborate with enforcement & partners — partner with enforcement attorneys to develop factual records, assess evidence sufficiency, and support potential charges and sanctions.
• Document & communicate findings — prepare clear, persuasive reports, referrals, and recommendations; communicate effectively with staff, respondents, and regulators; provide litigation testimony as needed.
• Identify & escalate risks — proactively identify emerging trends and regulatory risks; escalate matters requiring reprioritization; stay current on rule changes and industry developments.
• Serve as knowledge resource — provide guidance to fellow investigators; help identify and resolve inconsistencies in investigative approaches.
• Mentor staff — support less experienced investigators in techniques and processes; review work product and provide constructive feedback.
• Contribute to initiatives — lead or participate in special projects, thematic reviews, and development of new analytics, tools, and processes; support program strategy and continuous improvement.
• Represent FINRA professionally — engage professionally with member firms, regulators, and stakeholders; participate in compliance and education events.
• Demonstrate FINRA's values and collaborate in furtherance of investor protection and market integrity.

Four positions available at FINRA:

VAST team: Investigate financial exploitation of "Specified Adults" under FINRA Rule 2165 (individuals 65+ or adults 18+ with impairing conditions). Serve as a subject matter expert, advising staff and stakeholders on elder exploitation red flags, diminished capacity, prevention practices, and policy development.

Recommendations team: Investigate suitability, Reg BI, and recommendation-related misconduct; evaluate whether firms and representatives acted in customers' best interests. Analyze accounts, trading activity, fees, and disclosures to quantify harm and assess regulatory risk, including supervisory controls and conflicts of interest.

Market Conduct, Trade/Order Reporting & Reg Disclosure team: Lead investigations into broker-dealer reporting, disclosure, and filing obligations (U4/U5, Rule 4530, Form CRS, etc.). Analyze market and transaction reporting across equities, options, and fixed income (CAT, TRACE, RTRS/MSRB, etc.), and investigate communications violations including advertising, off-channel communications, and digital engagement practices.

Outside Business Activities/Private Securities Transactions team: Investigate OBA and PST violations under FINRA Rules 3270 and 3280, covering undisclosed employment, conflicts of interest, and selling away. Assess firm supervisory failures and apply securities law principles — including the Howey test — to complex and emerging transaction types such as digital assets.

Education & Experience Requirements

• Bachelor's degree in Accounting, Finance, Economics, Business Administration, or a related field, or equivalent combination of education and relevant experience. Advanced degree (MBA, JD) or professional certification (e.g., CFE, ACAMS, CPA) preferred.
• Minimum of seven (7) years of progressive experience in the securities, financial services, or financial regulatory industry, with substantive knowledge of regulatory compliance.
• Demonstrated experience conducting enforcement-oriented, regulatory, or financial investigations of varying complexity.
• Experience contributing to team projects, training, or initiatives in an investigative, examination, or enforcement environment.
• Familiarity with investigative technologies, data analysis tools, and data strategies.

Knowledge Requirements

• Advanced knowledge of relevant FINRA rules, applicable SRO rules, the Securities Exchange Act of 1934, and federal securities laws, with responsibility for staying current on regulatory rules, practices, and developments.
• Advanced knowledge of securities markets, member firm operations, books and records, firm business models, products, and services relative to area(s) of misconduct.
• Advanced knowledge of risks, products, and emerging threats specific to area(s) of misconduct.
• Strong understanding of regulatory compliance issues and risks associated with firm business lines and customer bases.
• Awareness of industry events, emerging trends, and regulatory developments pertinent to area(s) of misconduct.
• Familiarity with FINRA's organizational structure, departmental mandates, and internal applications and associated data.

Skills Requirements

• Investigative Judgment: Advanced ability to independently assess investigative strategy, develop risk-based approaches, interpret complex data and evidence, make sound decisions, and progress complex investigations to resolution under limited supervision.
• Communication: Advanced written and verbal communication skills, including strong interpersonal and stakeholder engagement abilities; demonstrated ability to accurately and succinctly discuss cases or issues with internal and external parties; ability to provide testimony in litigation when required.
• Analytical Capability: Advanced ability to conduct data analysis, identify patterns and anomalies, and apply analytical findings to investigative strategies; experience with analytical platforms, tools, and data-driven decision-making preferred.
• Collaboration: Advanced ability to liaise effectively with internal and external stakeholders; contribute to and build productive working relationships across RegOps and the broader organization.
• Prioritization & Organization: Strong organizational skills with high attention to detail; ability to manage multiple time-sensitive matters simultaneously, establish and meet timelines, and balance independent work with team coordination.
• Risk Identification: Advanced ability to identify, prioritize, and escalate risk; recognize priority matters and proactively identify emerging trends, threats, and regulatory issues.
• Mentorship & Guidance: Demonstrated ability to guide and mentor less experienced staff; contribute to training activities and staff development.
• Initiative & Adaptability: Demonstrated ability to work independently with limited supervision; proactively identify needs and opportunities; adapt effectively in uncertain and fast-paced conditions.

Working Conditions

• Hybrid work environment with defined in-person presence requirements.
• Extended hours and some travel may be required.

To be considered for this position, please submit an application. Applications are accepted on an ongoing basis.

The information provided above has been designed to indicate the general nature and level of work of the position. It is not a comprehensive inventory of all duties, responsibilities and qualifications required.