Thomas Phillip Simpson, of Clifton, Texas, a stockbroker registered with Farmers Financial Solutions LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Simpson failed to provide information and documents to FINRA when it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2023078342801 (July 7, 2023).
FINRA received a Form U5 from Farmers Financial Solutions on March 28, 2023. This document indicated that Farmers Financial Solutions had ended Simpson’s stockbroker registration because he didn’t follow the company’s published guidelines, policies, and instruction manuals related to insurance business. FINRA’s investigation came from an examination of Form U5.
On June 15, 2023, during its probe into the reasons behind Simpson’s dismissal from Farmers Financial Solutions, FINRA asked Simpson to provide certain information and documents, under the authority of FINRA Rule 8210. As mentioned in a phone call between Simpson’s lawyer and FINRA on June 30, 2023, Simpson confirmed that he got FINRA’s request but would not comply with it at any point. By not providing FINRA with the requested information or documents, Simpson violated FINRA Rules 8210 and 2010.
Simpson was associated with Farmers Financial Solutions LLC as a stockbroker from July 30, 2007, to March 28, 2023.
