FINRA’s Department of Enforcement initiated an investigation into Snyder’s alleged misconduct. Specifically, FINRA investigated whether Snyder misappropriated customer cash insurance premium payments, falsified company records and used his personal credit cards to make installment insurance premium payments. In connection with this investigation, FINRA sent Snyder a request to provide on-the-record testimony pursuant to FINRA Rule 8210. According to FINRA, Snyder acknowledged receipt of FINRA’s Rule 8210 requests; yet he failed to cooperate with FINRA’s investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Snyder violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Snyder failed to provide testimony in response to FINRA’s request, thereby violating FINRA Rule 8210.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment damages with Snyder while he worked for Allstate Financial, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation.