Former First American financial advisor, Steven F Coffey (Coffey), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. FINRA investigated Coffey’s alleged sale of promissory notes to his customers while employed by First American. As a consequence of Coffey’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Coffey (FINRA CRD No. 4462225) entered the financial industry in 2001 as a general securities representative. Coffey worked for various firms during his career, including MML Investors Services, LLC; American Portfolios Financial Services, Inc.; and Nationwide Securities, LLC. During the relevant time period, Coffey worked for First American Securities, Inc. (“First American”). Coffey is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction.
FINRA’s Department of Enforcement initiated an investigation into Coffey’s alleged misconduct. FINRA specifically investigated whether Coffey sold promissory notes in violation of FINRA rules. FINRA sent Coffey a request to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Coffey failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Coffey 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, Coffey failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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