According to FINRA, Ashley Fenderson was barred from association with any FINRA member in all capacities on August 1, 2023.

FINRA found that Fenderson refused to produce information and documents requested by FINRA during an investigation that originated from its review of a Uniform Termination Notice for Securities Industry Registration (Form U5) filed by her member firm. The Form U5 reported that she had been permitted to resign due to misuse of fraternal funds.

When broker-dealers terminate registered representatives, they are required to file a Form U5 that discloses the reasons for termination. When those reasons involve alleged misconduct, FINRA typically conducts an investigation to determine whether violations of securities laws or regulations occurred. As part of these investigations, FINRA has the authority to request information and documents from registered persons.

Registered persons are obligated to cooperate with FINRA investigations by providing requested information and documents. This obligation continues even after an individual is no longer associated with a member firm. The duty to cooperate is fundamental to FINRA's ability to investigate potential misconduct and protect investors.

When a registered person refuses to provide information to FINRA, it impedes the regulatory process and prevents FINRA from determining whether violations occurred and whether the individual poses a risk to investors. Because of the serious nature of this obstruction, FINRA typically imposes a bar for refusal to provide information or testimony.

A bar prohibits an individual from associating with any FINRA member firm in any capacity. This means Fenderson cannot work for any broker-dealer in any role, whether as a registered representative, principal, or in any other capacity. The bar protects investors by ensuring that individuals who refuse to cooperate with regulatory investigations cannot continue to work in the securities industry.

Investors can check the background of their financial professionals through FINRA's BrokerCheck system, which includes information about regulatory actions such as bars. Before working with a financial professional, investors should review their BrokerCheck report to understand their disciplinary history and qualifications.