Douglas Anthony Leone of Melville New York a stockbroker formerly registered with Salomon Whitney Financial has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Default Decision containing findings that Leone failed to cooperate in a FINRA investigation regarding his unsuitable investment recommendations. Department of Enforcement v. Douglas Anthony Leone, No. 2016052560002 (Apr. 23, 2018).
According to the Decision, FINRA sent Leone a letter, according to Rule 8210, calling for Leone to provide FINRA personnel with recorded testimony on April 5, 2017. Apparently, Leone was provided an extension of time to cooperate, where he was expected to make an appearance on April 24, 2017. The Decision stated that Leone was a no-show.
Apparently, on May 3, 2017, FINRA issued Leone a Notice of Suspension, informing him that he would be suspended if he did not testify on May 30, 2017. Evidently, Leone failed to testify which resulted in his suspension. Evidently, Leone asked FINRA to terminate his suspension without confirming whether he would cooperate with FINRA’s investigation.
The Decision revealed that FINRA made another attempt to procure Leone’s testimony by requesting that Leone make an appearance on August 24, 2017; however, Leone again failed to cooperate. FINRA automatically barred Leone due to his failure to comply. FINRA Office of Hearing Officers concluded that Leone’s conduct was violative of FINRA Rule 2010 and 8210.
Leone’s employment with Salomon Whitney Financial was terminated on March 22, 2017.
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