According to FINRA, Akinfolarin Oladayo Sessi was barred from association with any FINRA member firm in all capacities after refusing to appear for on-the-record testimony.

FINRA was investigating Sessi's involvement in a business activity outside the scope of his relationship with his member firm. Such outside business activities can create conflicts of interest and may expose investors to risks not covered by the broker-dealer's compliance oversight.

FINRA requested that Sessi appear and provide testimony as part of its investigation. Under FINRA Rule 8210, associated persons are required to cooperate fully with regulatory investigations, including providing testimony under oath when requested.

By refusing to testify, Sessi prevented FINRA from obtaining information necessary to evaluate whether his outside business activities violated securities rules or harmed investors. The bar is a permanent sanction that prohibits Sessi from working at any FINRA member firm in any capacity.

Outside business activities are closely regulated because they can lead to situations where representatives prioritize personal financial interests over their customers' interests. FINRA's investigations help ensure that representatives are properly disclosing these activities and that they do not create unacceptable risks for investors. When representatives refuse to cooperate with these investigations, it prevents regulators from fulfilling their investor protection mission.