Stephanie Jing Wen Xiao of Harrisburg, Pennsylvania, a stockbroker formerly registered with PFM Fund Distributors Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Xiao failed to cooperate with a FINRA investigation concerning allegations of Xiao’s trading in an unapproved account while registered with PFM Fund Distributors. Letter of Acceptance, Waiver, and Consent No. 2022073907301 (May 13, 2022).
According to the AWC, Xiao became the subject of a FINRA investigation around the time that the regulator learned of Xiao’s trading in an account not disclosed to PFM Fund Distributors. Xiao was sent a FINRA request on March 3, 2022, regarding any of Xiao’s documents and information that pertained to her trading in the outside account. Xiao’s lawyer told FINRA that Xiao received its request for documents and information. The lawyer told FINRA that Xiao would not comply with its request. FINRA found that Xiao’s refusal to cooperate showed that she violated FINRA Rules 2010 and 8210.
Xiao was registered with PFM Fund Distributors from November 19, 2018, to July 15, 2021