Brian Royster of Ann Arbor, Michigan, a stockbroker formerly registered with HD Vest Investment Services, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide FINRA with information in an investigation into his alleged borrowing of customers’ funds. Letter of Acceptance, Waiver and Consent, No. 2017052882601 (Nov. 21, 2017).
According to the AWC, HD Vest fired Royster on January 12, 2017, founded on accusations that he borrowed funds from customers in violation of the firm’s policies. FINRA followed up in that regard, requesting that Royster provide information and documentation concerning HD Vest’s allegations of his misconduct.
The AWC stated that Royster was called upon by FINRA to provide information and documentation by an August 28, 2017 deadline, according to Rule 8210. Evidently, Royster communicated with FINRA on September 13, 2017, stating that he would not be cooperating with FINRA’s request at any point in the future. FINRA found Royster’s refusal to provide information and documentation to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that on October 2, 2013, a customer initiated investment related written complaint involving Royster’s conduct was settled for $5,418.94 in damages supported by accusations that Royster made misrepresentations to the customer about an immediate fixed annuity that the customer bought while Royster was associated with Edward Jones.
Additionally, on April 6, 2017, another customer initiated investment related written complaint regarding Royster’s activities was resolved for $2,530.53 in damages based upon allegations that Royster effected the customer’s purchase of a fixed annuity through New York Life even though the product was not suitable for the customer.
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