FINRA Bars Edward Jones Broker For Failure To Testify

David Allen Clark of O Fallon Illinois a stockbroker formerly employed by Edward Jones has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a Default Decision rendered by the Office of Hearing Officers containing findings that Clark hindered a FINRA investigation by failing to appear and provide testimony concerning his business activities. Department of Enforcement v. David A. Clark Disciplinary Proceeding No. 2016050212201 (Aug. 22, 2018).

According to the Decision, FINRA launched an investigation on June 3, 2016, as a result of a Form U5 submitted by Edward Jones stating that Clark had been terminated on May 8, 2016, because of an eBook that Clark published without the firm’s authorization.

Big deal.  However, the Decision Particularly stated that Clark was sent a letter from FINRA on January 4, 2018 seeking his recorded testimony on January 25, 2018. Evidently, Clark was obligated to make an appearance and provide testimony. The letter indicated that Clark’s failure to cooperate in this respect would be grounds for a disciplinary action. Clark reportedly never responded to that request.

Another letter was sent by FINRA on January 26, 2018 requesting Clark’s testimony. The Decision stated that Clark was again warned about the potential disciplinary action that would result from his failure to testify on February 13, 2018. FINRA stated that Clark was absent on February 13, 2018.

FINRA Department of Enforcement filed a Complaint against Clark on May 3, 2018, alleging, inter alia, that Clark failed to testify before FINRA personnel in regard to the validity of the statements he made on his website, and he failed to confirm the identify of any customers that Clark may have procured. FINRA also alleged that Clark operated an unapproved website to promote his securities business. FINRA’s Office of Hearing Officers found that Clark’s failure to respond to the Complaint resulted in Clark being found in default; conduct violative of FINRA Rules 2010 and 8210.

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