FINRA’s Department of Enforcement initiated an investigation into Whtiley’s alleged unsuitable trading in customer accounts. In connection with this investigation, FINRA sent Whitley a request for documents, information and on-the-record testimony pursuant to FINRA Rule 8210. According to FINRA, Whitley 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 Whitley 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, Whitley failed to provide testimony in response to FINRA’s request, thereby violating FINRA Rule 8210. FINRA has very little tolerance for uncooperative members and promptly barred Whitley 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 lost money either investing with Whitley while H.D. Vest employed him as a general securities representative, 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.