FINRA Bars Huntington Stockbroker For Obstruction
Wessam Baiz (also known as Wes Baiz) of Perrysburg Ohio a stockbroker formerly employed by Huntington Investment Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Baiz failed to cooperate with an investigation into accusations of (1) Baiz’s undisclosed outside business activities and (2) Baiz’s failure to comply with a heightened supervision plan that was in effect during the period in which Baiz was employed by Huntington Investment Company. Letter of Acceptance Waiver and Consent No. 2018059632301 (Oct. 25, 2019).
According to the AWC, when Baiz was terminated by Huntington Investment Company in October 2018, the securities broker dealer informed FINRA that the reasoning behind discharging Baiz was that he failed to abide by the terms of a heightened supervision plan. The AWC stated that this plan was put in place because of Baiz’s engagement in an undisclosed outside business activity. Following the securities broker dealer’s notification of this information, FINRA commenced an investigation into Baiz’s activities.
The AWC revealed that Baiz was called upon by FINRA personnel under Rule 8210 to provide recorded testimony as to the allegations made by Huntington Investment Company. Although Baiz made an appearance to testify on July 2, 2019, there were still unresolved questions which prompted FINRA’s request for more documentation to be provided by him.
The AWC stated that Baiz was expected to hand over information and documentation to FINRA by a July 26, 2019 deadline in order for him to be compliant with Rule 8210. Instead of complying with FINRA’s request, Baiz e-mailed the regulator on July 15, 2019 to confirm that he would produce no information or documentation at any point. FINRA determined that Baiz’s refusal to furnish information and documentation constituted violations of FINRA Rules 2010 and 8210. Baiz was barred by FINRA as a result.
Baiz was registered with Huntington Investment Company from April 4, 2017 to October 30, 2018.