John Petrone of Willowick, Ohio, a stockbroker registered with Farmers Financial Solutions LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) in any capacity because Petrone refused to provide information and documents during an investigation into his potential misappropriation of funds from an elderly investor. Letter of Acceptance, Waiver, and Consent No. 2023080246601 (December 15, 2023).
In November 2023, as part of this investigation, FINRA issued a request to Petrone, seeking information and documents under Rule 8210. However, Petrone, through his lawyer, communicated his refusal to comply with this request. By failing to provide the requested information, Petrone violated Rules 2010 and 8210.
This is not the first time that Petrone has been the subject of a regulatory action concerning his conduct in the securities industry. Ohio Department of Insurance brought a regulatory action against Petrone, resulting in the surrender of his insurance license in the state based upon allegations of misappropriating, wrongfully withholding, or converting money, under Ohio Revised Code Section 3905.14(B)(4). His insurance license was surrendered and terminated, affecting his capacity as an Ohio insurance agent for a duration of five years, starting from November 20, 2023, to November 20, 2028.
Petrone was associated with Farmers Financial Solutions LLC in Willowick, Ohio from March 16, 2009, to December 31, 2022.
