H. Beck financial advisor, Peter J. Doyle (Doyle), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. The underlying basis of the investigation involved allegations Doyle engaged in discretionary trading with client or firm approval at his former firm. As a consequence of Doyle’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Doyle (FINRA CRD No. 2370593) entered the financial industry in 1995. From 2009 to August 2016, Doyle worked for Morgan Stanley. Doyle was terminated form Morgan Stanley in June 2016 due to: “Allegations involving adherence to industry rules and/or firm policy including with regard to use of trading discretion.” Following his termination, Doyle worked for H. Beck Inc. until he was barred from FINRA.
FINRA’s Department of Enforcement initiated an investigation into Doyle’s alleged misconduct. FINRA specifically investigated whether Doyle engaged in discretionary trading, without authorization, in client accounts. FINRA sent Doyle a request to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Doyle failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Doyle 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, Doyle failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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