FINRA Bars Broker for Refusal to Provide Documents

FINRA barred a broker for refusing to provide documents requested during an investigation into an undisclosed private securities transaction and outside business activity.

According to the AWC, FINRA said the broker, through counsel, acknowledged receiving the request, but confirmed he would not produce the information. FINRA said the inquiry was prompted by a Form U5 filing that disclosed the broker’s termination while under internal review for potential rule violations.

FINRA found that the broker's refusal to provide the information violated FINRA Rules 8210 ("Provision of Information and Testimony and Inspection and Copying of Books") and 2010 ("Standards of Commercial Honor and Principles of Trade").

To settle the charges, the broker agreed to a bar from associating with any FINRA member in all capacities.