David Lance Hall of Bakersfield California a stockbroker formerly registered with State Farm VP Management Corp. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Hall avoided cooperating with FINRA during the time that he was investigated for failing to comply with State Farm’s procedures relating to insurance premium deposits. Letter of Acceptance Waiver and Consent No. 2019062256701 (Mar. 13, 2020).
According to the AWC, an investigation had commenced by FINRA personnel following its receipt of a Form U5 from State Farm in regard to Hall’s termination. The AWC stated that Hall was terminated from the securities broker dealer based upon allegations of his failure to comply with its procedures relating to the deposit of insurance premiums in a Premium Fund Account.
On November 18, 2019, Hall was instructed by FINRA personnel to hand over information and documentation in response to the allegations made by State Farm. Hall was only partially cooperative with FINRA’s request. On January 23, 2020, a second request was made by FINRA to procure the information and documentation from Hall. The regulator’s correspondence outlined the information that Hall failed to provide in response to its first request.
The AWC stated that by February 24, 2020, Hall made clear to FINRA that he would at no point provide any of the missing information which included his financial records. Hall’s failure to comply with FINRA’s requests precluded the regulator from completing its investigation. FINRA found that Hall’s conduct was violative of FINRA Rules 2010 and 8210.
Hall was registered with State Farm between April 17, 2008 and April 8, 2019.
