FINRA’s Department of Enforcement initiated an investigation into Kasbar’s alleged misconduct. Specifically, FINRA’s investigation concerned allegations Kasbar engaged in outside business activities beyond the scope of HD Vest and LPL’s approval. In connection with this investigation, FINRA sent Kasbar a request to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Kasbar 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 Kasbar 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, Kasbar failed to provide information 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 Kasbar while he worked for HD Vest or LPL, 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.