Timothy Brent Hetrick of Wilder, Idaho submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to appear for on-the-record testimony requested by FINRA in violation of FINRA Rules 8210 and 2010.
From 2002 until his voluntary termination in 2019, Timothy Brent Hetrick was registered as General Securities Representative with U.S. Brokerage, Inc. In March of 2020, FINRA started an investigation concerning potential customer signature forgeries over penny stock disclosure and other forms. According to FINRA, Timothy Brent Hetrick was sent a request to appear for on-the-record testimony. The findings stated that Timothy Brent Hetrick acknowledged this request by email but allegedly refused to appear at any time. Although Mr. Hetrick is not registered with any FINRA member firm, in compliance to Article V, Section 4, FINRA retains jurisdiction over him.
FINRA Rule 8210(a)(1) states, in relevant part, that FINRA has the right to “require a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically…with respect to any matter involved in the investigation…” FINRA Rule 8210(c) states that “[n]o member or person shall fail to provide information or testimony or to permit inspection and copying of books, records, or accounts pursuit to this Rule.” A failure to comply with FINRA Rule 8210 is a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade.
Without admitting or denying the findings, Mr. Hetrick consented to the sanction and to the entry of findings and has been barred from association with any FINRA member in all capacities.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct, by their broker can file claims to recover damages against broker-dealers, like, U.S. Brokerage, Inc. which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your U.S. Brokerage, Inc. account due to misconduct by your broker? Was Timothy Brent Hetrick your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against U.S. Brokerage, Inc. stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.