FINRA Bars Ex-Fidelity Rep Who Refused to Testify

Monaco later failed to cooperate with FINRA staff during the course of an investigation into the Form 5 termination disclosure, according to the FINRA AWC letter.

On Feb. 10, 2020, FINRA staff sent a request to Monaco for testimony, the regulator noted. However, three days later, during a phone call with FINRA staff, he acknowledged he received the testimony request, but did not intend to appear for on-the-record testimony at any time, FINRA said.

Through his actions, Monaco violated FINRA rules 8210 (governing the provision of information and testimony and inspection and copying of books) and 2010 (governing standards of commercial honor and principles of trade).

The broker did not join any other FINRA member firm after leaving Fidelity and is not currently registered as a broker, according to FINRA's BrokerCheck website.

The BrokerCheck report also noted that, prior to working for Fidelity in Merrimack, New Hampshire, Monaco was self-employed in Sao Paulo, Brazil, from January 2010 until May 2014.

— Check out FINRA Orders Pershing to Pay $5.6M to More Stanford Victims on ThinkAdvisor.