FINRA barred former Trustmont Financial and Morgan Stanley broker Chase Bishop Casson of Carlsbad, California for failing to provide information as requested by FINRA related to an investigation into private securities transactions.
According to the report, FINRA thrice requested Casson's cooperation in regards to an investigation into private securities transactions while he was associated with Trustmont Financial. After requesting an extension of the due date, which FINRA granted, Casson responded to FINRA's fourth request for information by stating he would not cooperate with the investigation.
Although FINRA did not reveal the precise nature of its investigation, Trustmont Financial terminated Casson's employment for violating the firm's written supervisory procedures (WSP).
FINRA recently released its 2015 Regulatory and Examination Priorities Letter in which the regulator identified cooperation with investigations as a priority "area of focus" in 2015 since timely response to information requests helps FINRA maintain accurate databases, such as its BrokerCheck system.
Accordingly, failing to cooperate with FINRA's requests for information can produce lengthy investigation delays if not impeding the process altogether, which itself can lead to significant disciplinary action, such as banishment from the industry.
If you have invested with Chase Bishop Casson or with any broker, financial adviser or firm whose failure to cooperate with FINRA—or with you the client—has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.