Harry Bennett, of New Boston, Michigan, a stockbroker formerly associated with Transamerica, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Bennett obstructed a FINRA investigation into allegations that Bennett made unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2016049208901 (Nov. 15, 2016).
According to the AWC, in March of 2016, FINRA started to investigate allegations of Bennett’s charging of excessive commissions and recommendations of investments which were unsuitable for customers. The AWC stated that on September 23, 2016, Bennett was sent correspondence from FINRA which requested that Bennett provide information and documentation to FINRA by an October 7, 2016 deadline.
The AWC revealed that on October 7, 2016, FINRA sent another request to Bennett, in which he was instructed to provide recorded testimony before FINRA personnel on October 26, 2016. Bennett reportedly contacted FINRA on October 20, 2016, in which he indicated to FINRA personnel that he would not be providing information and documentation, nor providing testimony before FINRA in connection with the investigation into allegations of his misconduct. FINRA found that Bennett’s refusal to cooperate in this regard was violative of FINRA Rule 2010 and 8210, leading to his permanent bar.
FINRA Public Disclosure reveals that on May 16, 2016, a customer initiated investment related arbitration claim involving Bennett’s conduct was settled for $3,558.26 in damages based upon allegations that Bennett made omissions concerning risks on investments that were ultimately purchased by the customer, and made investment recommendations to the customer that were not suitable.
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