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Brian Scott Exford, a registered representative with IBN Financial Services, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after failing to appear for on-the-record testimony in connection with an investigation into allegations that Exford engaged in a private securities transaction. Letter of Acceptance, Waiver, and Consent, No. 2014039843401 (Mar. 3, 2015).
According to the AWC, on January 13, 2015, FINRA requested that Exford provide on-the-record testimony, pursuant to Rule 8210, regarding Exford’s alleged private securities transaction while employed with IBN Financial. The AWC noted that on January 30, 2015, Exford’s attorney acknowledged that Exford had received FINRA’s request, but stated that Exford would not be cooperating with FINRA via appearing for the on-the-record testimony at any point. As such, FINRA found Exford to have violated FINRA Rule 8210 and 2010.
FINRA registered representatives like Exford who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
According to FINRA Rule 3270, no registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his/her member firm, unless he/she is provided prior written notice to the member.
Public disclosure records reveal that Exford has been subject to a pending customer dispute since September 3, 2014, where a customer is requesting a $986,000.00 in actual and punitive damages after alleging unsuitable investments were made in 2012 by Exford, where Exford also failed to disclose pertinent information. Public disclosure records from December 24, 2014, reveal that Exford is subject to a pending bankruptcy.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.