FINRA Bars Broker for Refusal to Provide Documents

FINRA barred a broker for refusing to produce documents requested during an investigation into the potential misuse of customer funds.

According to the AWC, the broker, through counsel, acknowledged receiving the request but declined to provide the requested materials. FINRA said the inquiry originated from a Form U5 filing that alleged the broker used client funds for personal reasons, prompting the investigation.  

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.