FINRA Bars Broker for Refusal to Cooperate

FINRA barred a broker for failing to provide testimony in response to an investigation into the suitability of investment recommendations made to retail customers. 

According to the AWC, the broker initially cooperated with the FINRA investigation, but later "ceased doing so." FINRA said that the broker's counsel informed FINRA that he had received the request for testimony but that the broker would "not appear... at any time."

FINRA found that the broker 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.