National investment loss lawyers KlaymanToskes reports broker D. Wray Rodgers (CRD# 2842993) has been permanently barred from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”).
FINRA’s decision comes after Rodgers refused to produce investigation-related information regarding his former firm’s Form U5 disclosure of his alleged participation in outside business activities without providing prior written notice, and his alleged misuse of customer funds.
According to FINRA BrokerCheck, D. Wray Rodgers was previously registered with Vining-Sparks IBG from 1997 to 2022 in Memphis, TN. He was also licensed with ICBA Securities from 1997 to 2019 in Memphis, TN.
Investors that suffered losses with D. Wray Rodgers may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options at no cost.
On June 7th, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with D. Wray Rodgers, disclosing that he consented to sanctions of a permanent bar from associating with any FINRA member in all capacities.
According to the AWC, the matter originated from a FINRA cause examination. On May 20, 2022, Vining-Sparks IBG filed a Form U5 disclosing that Rodgers voluntarily terminated his association with the firm. FINRA’s Form U5 is the “uniform termination notice for securities industry registration,” used by brokerage firms each time one of their registered employees leaves the firm, for any reason.
FINRA sent a request to Rodgers for on-the-record testimony on May 5, 2023, pursuant to FINRA Rule 8210. The AWC states that FINRA issued its request in connection with its investigation into “whether Rodgers engaged in an outside business activity without providing prior written notice to his member firm and whether he misused customer funds”.
As of May 11, 2023, Rodgers acknowledged that he received FINRA’s request and would not appear for on-the-record testimony at any time. By refusing to appear for on-the-record testimony, D. Wray Rodgers violated FINRA Rules 8210 and 2010.
Under FINRA Rule 8210, all brokerage firms and registered financial professionals are required to provide information, documents, and testimony upon regulators’ requests.
A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.”
Former customers of D. Wray Rodgers that suffered losses at Vining-Sparks IBG or ICBA Securities are encouraged to contact our firm immediately to discuss recovery options at 888-997-9956 or on the web at www.klaymantoskes.com.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com