David William Major, of New York, New York, a stockbroker formerly registered with GFI Securities LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of his misconduct pertaining to fees charged to customers. Letter of Acceptance, Waiver and Consent, No. 2016049887301 (Nov. 15, 2016).
According to the AWC, Major’s registration with GFI was terminated on May 4, 2016, based upon allegations that Major failed to conform to the firm’s policies concerning fees charged to customers within electronically matched transactions. Apparently, Major failed to cooperate with his firm’s internal review of his conduct.
The AWC stated that FINRA reached out to Major on July 14, 2016, requesting that Major provide documentation pertaining to the allegations, per FINRA Rule 8210. The AWC revealed that on September 8, 2016, after having received an extension of time to respond to FINRA’s requests, Major’s counsel informed FINRA’s staff that Major would not be providing FINRA with the requested details. FINRA found that Major’s failure to cooperate was violative of FINRA Rule 2010 and 8210, which led to his permanent bar.
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