According to FINRA, Damian Mark Baird was named as a respondent in a FINRA complaint alleging that he failed to provide information and documents and failed to appear for on-the-record testimony requested by FINRA as part of two separate investigations.

The complaint alleges that FINRA's investigations were concerning discovery in FINRA arbitrations and, separately, whether Baird altered a customer check and attempted to convert customer funds. The complaint alleges that Baird's failure to provide the requested documents and information impeded FINRA's investigations and his testimony was material to FINRA's investigation concerning whether he altered a customer check and attempted to convert customer funds.

FINRA arbitration is a forum where investors can seek to recover losses from their brokers or firms. During arbitration proceedings, parties exchange information through a discovery process. FINRA has the authority to investigate whether parties are complying with discovery obligations and other aspects of the arbitration process.

The allegation that Baird may have altered a customer check and attempted to convert customer funds is particularly serious, as it would constitute fraud and theft. Conversion of customer funds is one of the most egregious violations in the securities industry and typically results in a permanent bar.

Baird's alleged refusal to cooperate with FINRA's investigations into these serious matters would itself be a significant violation. Registered persons have an obligation to cooperate fully with FINRA investigations, including appearing for testimony when requested and producing documents and information. This obligation continues even after a person leaves the securities industry.

By allegedly refusing to cooperate with investigations into both the arbitration discovery issues and the potential check alteration and conversion, Baird allegedly obstructed FINRA's ability to protect investors and maintain market integrity.

It is important to note that this is a complaint with allegations that have not yet been proven. Baird has the right to defend against these allegations. However, the nature of the allegations demonstrates the seriousness with which FINRA treats both potential conversion of customer funds and failure to cooperate with investigations.