John Michael Fagan of St. Louis, Missouri, a stockbroker formerly registered with Raymond James Associates Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Fagan failed to cooperate with an investigation into a customer complaint. Letter of Acceptance, Waiver, and Consent No. 2023078766801 (November 6, 2023).
According to the AWC, FINRA’s investigation stemmed from a customer complaint regarding the stockbroker. On October 26, 2023, FINRA requested testimony from Fagan under Rule 8210, concerning his sale of fixed income securities. Fagan, through his lawyer’s email to FINRA on October 27, 2023, acknowledged receiving this request but chose not to testify. Therefore, he violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally shows that a customer filed a written complaint on April 12, 2010, about Fagan. The customer alleged that while Fagan was associated with Wells Fargo Advisors LLC, he placed their funds in American Fund, later transferring them to a liquid cash account, and failed to inform them about cash in their account between September 17, 2007, and November 23, 2009. However, this complaint was denied.
Fagan was associated with Raymond James Associates Inc. in St. Louis, Missouri, as a stockbroker from November 11, 2011, to December 31, 2021.
