FINRA’s Department of Enforcement initiated an investigation into Howell’s alleged misconduct. FINRA specifically investigated whether from September 2008 through November 2014, Howell created and sent his customer more than 300 false weekly "Stock Tracking Reports". According to FINRA, Howell misstated the value from $289,000 to $3,000,000 in various reports during the time period. In connection with this investigation, FINRA sent Howell a request to provide on-the-record testimony pursuant to FINRA Rule 8210. According to FINRA, Howell failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Howell violated Section 17 (a) of the Securities Exchange Act of 1934 and Rule 17a-4 promulgated thereunder, as well as FINRA Rules 2010, 3110, 4511 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, Howell 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 Howell while employed by UBS, 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 or complete our free case evaluator.