Wray Rodgers Barred Over Alleged Misuse of Customer Funds
Wray Rodgers (CRD# 2842993), formerly a broker registered with Vining Sparks, allegedly refused to cooperate with an investigation into potential misuse of customer funds. This allegation can be found in his Financial Industry Regulatory Authority (FINRA) BrokerCheck profile, accessed on July 22, 2023. FINRA barred the former Memphis financial advisor over these and other allegations.
Why Did FINRA Sanction Wray Rodgers?
FINRA disclosed an enforcement action against Mr. Rodgers on June 7, 2023. According to this disclosure, the regulator sanctioned him over allegations that he refused to provide on-the-record testimony as part of an investigation “into whether he engaged in an OBA [outside business activity] without providing prior written notice to his member firm and whether he misused customer funds.” Mr. Rodger did not admit to or deny the findings, but he did consent to an indefinite bar from registering with any FINRA member firm in all capacities.
Copy of FINRA Sanction
FINRA Rules Forbid Improper Use of Customer Funds
FINRA Rule 2150 prohibits brokers like Mr. Rodgers from making “improper use of a customer’s securities or funds.” At the same time, FINRA Rule 3270 prohibits them from participating in outside business activities “unless he or she has provided prior written notice to the member, in such form as specified by the member.” Outside business activities are any business activities outside the scope of their relationship with their member firm.
Understanding FINRA Rules 8210 and 2010
Under FINRA Rule 8210, persons under FINRA’s jurisdiction are required to provide testimony with respect to matters under FINRA investigation, if requested to do so. The rule also states that no such person shall fail to provide information or testimony requested under it. Brokers who violate this rule are also considered to have violated FINRA Rule 2010, which requires brokers in the course of their business to “observe high standards of commercial honor and just and equitable principles of trade.”
Investor Dispute Settled for 6 Figures
On September 26, 2011, an investor filed a dispute alleging that Mr. Rodgers did not properly disclose the risks associated with certain investments, as industry rules require. His firm settled the dispute for $105,000.
Wray Rodgers Based in Tennessee
Wray Rodgers, also known as D. Wray Rodgers, started his career as a broker in 1997, when he joined ICBA Securities at its branch office in Memphis, Tennessee. In that same year, he started working at Vining Sparks in Memphis, where he remained until May 2022. With 25 years of experience as a broker, he has completed four industry exams, including the Series 63 and the Series 7.
Call MDF Law Current or former Wray Rodgers clients with concerns about their investments may be able to recover lost funds. Contact MDF Law to discuss whether a FINRA arbitration proceeding is right for your case. Our team has lengthy experience recovering millions of dollars for our clients, and we currently offer free consultations to investors across the US. Your time to file a claim may be limited, so call 800-767-8040 to chat with a lawyer today.