In January 2015, FINRA’s Department of Enforcement initiated an investigation into Jacobs business dealings to ascertain whether he converted funds from an organization where he served as treasurer. In connection with this investigation, FINRA sent Jacobs a request for documents and information on or before January 29, 2015. According to FINRA, Jacobs 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, Jacobs 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 Fackrell from the financial industry.
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