Robert S. Gleason, Sr., of Owensboro, Kentucky, a stockbroker with Ross, Sinclaire & Associates, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of his unauthorized trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015047887401 (Aug. 22, 2016).
According to the AWC, FINRA began investigating Gleason to ascertain whether Gleason had effected trades in a customer’s account on an unauthorized basis. FINRA requested that Gleason provide information and documentation, per FINRA Rule 8210, by May 3, 2016 deadline, in furtherance of the investigation.
The AWC stated that Gleason contacted FINRA on May 19, 2016, in connection with FINRA’s request for information and documentation that he provided. Subsequently, on July 27, 2016, FINRA requested, per Rule 8210, that Gleason provide recorded testimony on July 21, 2016. Such request, according to FINRA, instructed Gleason that if he did not provide the requested testimony, he could be subject to disciplinary action which included sanctions and a potential bar by FINRA from the securities industry.
The AWC stated that Gleason never responded to FINRA by the deadline, resulting in FINRA sending Gleason an additional request to provide recorded testimony. Gleason’s counsel reportedly contacted FINRA personnel on July 15, 2016, stating that Gleason would not be making an appearance to provide recorded testimony in connection with FINRA’s investigation. Gleason reportedly never showed up to his scheduled testimony appearance on July 21, 2016.
The AWC further reported that Gleason stated to FINRA on July 22, 2016, that he would not be cooperating with requests for recorded testimony. FINRA found that Gleason’s failure to cooperate in this regard was violative of FINRA Rules 2010 and 8210, resulting in his permanent bar.
Public disclosure records reveal that Gleason has been subject to three disciplinary actions, which include two customer complaints which were settled. On October 15, 2015, Gleason settled a customer dispute for $178,500.00 after a customer claimed that Gleason mismanaged the customer’s investment account.
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