Roy Kevin Williams, of Indianapolis, Indiana, a stockbroker registered with Stifel Nicolaus Company Incorporated, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Williams refused to provide testimony as requested by FINRA. Letter of Acceptance, Waiver, and Consent No. 2023078783201 (September 5, 2024).
FINRA has the authority under Rule 8210 to request information, documents, or testimony from stockbrokers who are or were associated with a FINRA-regulated securities broker dealer. Refusing to comply with these requests is considered a violation. Additionally, if someone violates Rule 8210, it means they violate Rule 2010 too.
According to the AWC, FINRA’s investigation into Wiliams stemmed from Stifel Nicolaus disclosing that Williams had taken loans from customers over several years and made false statements about these loans on annual certifications. After initially cooperating with FINRA, Williams stopped doing so in August 2024, when he told FINRA staff that he would not testify at any point in the investigation. By refusing to testify in the regulator’s investigation, he violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure also shows that on July 10, 2023, a customer initiated investment related complaint involving Williams’ conduct was settled for $50,000.00 in damages resulting from an alleged customer loan to Williams between 2019 and 2021 during the time that Williams was associated with Stifel Nicolaus.
Williams was associated with Stifel Nicolaus Company Incorporated in Indianapolis, Indiana from June 17, 2009, to May 16, 2023.
