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Vanguard’s Tax Reporting Errors Come With a $950K Price Tag
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Subscribe29 SEP 2026 / BUSINESS
Vanguard Marketing Corporation, Vanguard Group’s broker-dealer unit, has been fined $950,000 by the Financial Industry Regulatory Authority (FINRA) over cost-basis reporting errors that occurred between 2012 and 2023. The fine was levied due to issues encompassing incorrect system rounding, transaction ID reuse, inaccurate tax lot reporting, and associated customer complaints, which led to certain customers overpaying or underpaying taxes, and illuminated broader systematic errors in Vanguard's financial management processes.
A decimal point rarely looks dangerous. It sits quietly in a system, minding its own business, until two platforms round it differently, a transaction ID gets reused, or software rewrites which tax lot was sold. Then suddenly an investor’s Form 1099 is wr...
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