Stephen Michael Hart of New York New York a stockbroker formerly employed by CFWP Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Hart failed to cooperate with FINRA’s investigation into his possible conversion of funds. Letter of Acceptance Waiver and Consent No. 2018059557901 (Feb. 22, 2019).
According to the AWC, Hart had been terminated by CFWP Securities LLC on August 15, 2018, at which point the firm informed FINRA that Hart may have engaged in unspecified misconduct. FINRA reportedly launched an investigation into Hart shortly thereafter. Specifically, on October 29, 2018, a request had been made by FINRA personnel according to Rule 8210 for Hart to provide information and documentation to the regulator by November 12, 2018. Evidently, FINRA sought details about Hart’s possible conversion of property or money away from the firm.
Apparently, Hart failed to honor FINRA’s request by the November 12, 2018 deadline; no information or documents were furnished by him at that point. Consequently, on November 14, 2018, another request for Hart’s information and documentation had been made by FINRA personnel. The AWC stated that Hart was provided until November 28, 2018 to cooperate with FINRA’s second request.
The AWC revealed that by January 10, 2019, Hart relayed to FINRA that he understood that FINRA was investigating him and that the information and documents needed to be provided at once. However, Hart reportedly informed the regulator that he would not be cooperating – and he never did cooperate. FINRA found Hart’s conduct violative of FINRA Rules 2010 and 8210, which led to him being barred by FINRA in all capacities.
