In December 2014, FINRA’s Department of Enforcement initiated an investigation into Chancy’s business dealings to ascertain whether he engaged in an unapproved outside business activity and/or engaged in an unapproved private securities transaction. In connection with this investigation, FINRA sent Chancy a request for on-the-record testimony on January 29, 2015. According to FINRA, Chancy acknowledged receipt of FINRA's Rule 8210 request and informed staff he would not cooperate with FINRA’s investigation.
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, Chancy failed to provide information and documents in response to FINRA’s request, thereby violating FINRA Rule 8210. FINRA has very little tolerance for uncooperative members and promptly barred Chancy from the financial industry.
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 losses investing with Chancy through Legend Equities, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please complete the contact form below or contact one of our attorneys at (800) 627-2179 to schedule a free consultation.