Eric James Stone of Jacksonville, Florida, a stockbroker registered with Fidelity Brokerage Services LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Stone failed to provide information and documents to FINRA and failed to testify during the time that FINRA investigated the stockbroker for possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. No. 2021071861301 (March 2, 2023).
According to the AWC, FINRA’s investigation into Stone originated from Fidelity Brokerage Services’ Form U5, in which the securities broker relayed that Stone was discharged by Fidelity Brokerage Services LLC on June 3, 2021, based upon allegations that Stone solicited loans and obtained loans from its customers.
The AWC states that on December 16, 2021, Stone was asked by FINRA to provide documents and information no later than January 7, 2022. On February 21, 2022, Stone partially responded to FINRA’s request. On November 21, 2022, a second request was made by FINRA regarding the missing documents and information identified in the regulator’s December request. The stockbroker supplemented his original response but still fell short of following FINRA’s instructions. The AWC states that the materials were never provided to the regulator.
The AWC additionally states that Stone received a letter from FINRA on January 3, 2023, regarding testimony scheduled for January 18, 2023. Stone did not show up on the scheduled date to testify. The regulator sent another request on January 19, 2023. Although a date was agreed upon for Stone to testify, the stockbroker never showed up. Therefore, Stone violated FINRA Rules 2010 and 8210.
Stone’s registration with Fidelity Brokerage Services LLC was terminated on June 29, 2021.
