Former Moors & Cabot financial advisor, Robert Todd Clark (Clark), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. FINRA investigated Clark’s alleged unsuitable investment recommendations and executed unauthorized trades in a customer account. As a consequence of Clark’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Clark (FINRA CRD No. 810261) entered the financial industry in 1975 as a general securities representative and eventually became a principal with supervisory duties. Clark worked for various firms during his career, including but not limited to, Cowen & Co. and Morgan Stanley and its predecessor firms. During the relevant time period, Clark worked for Moors & Cabot, Inc. (“Moors & Cabot”) until he was discharged for failing to obtain prior approval for an alleged loan the representative received from a customer. Clark’s FINRA BrokerCheck Report reveals numerous customer disputes and regulatory investigations. Clark 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 Clark’s alleged misconduct. FINRA specifically investigated whether Clark withdrew funds from a customer’s account and then used the funds for his personal use in violation of FINRA rules. FINRA sent Clark a request to provide on the record testimony pursuant to FINRA Rule 8210. According to FINRA, Clark failed to cooperate with the investigation in any discernable manner.
Based upon the foregoing alleged misconduct, FINRA asserted Clark 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, Clark failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.