According to FINRA, Drew Stegman was barred from association with any FINRA member in all capacities for refusing to complete on-the-record testimony requested by FINRA in connection with its investigation into his potential penny stock promotion activities on various social media platforms.

Stegman initially appeared for testimony; however, halfway through he refused to answer any further questions and indicated that he would not continue to cooperate with FINRA in the future. This partial cooperation followed by refusal is particularly troubling, as it suggests Stegman may have realized during the testimony that his conduct was problematic.

Penny stock promotions on social media can mislead investors and manipulate stock prices. When registered representatives engage in such activities, they violate their obligations to deal fairly with investors and comply with securities laws. Stegman's refusal to complete his testimony prevented FINRA from fully investigating these potential violations and protecting investors from misleading penny stock promotions.