According to FINRA, Gary Francis Harpe was barred from association with any FINRA member in all capacities on October 7, 2024, following an Office of Hearing Officers decision that became final.

Harpe failed to provide documents and information requested by FINRA in connection with its investigation into the circumstances of his termination after his member firm filed a Form U5 disclosing that it had discharged him based on a criminal disclosure. FINRA sought information from Harpe regarding the nature of the criminal charge, as well as potential bankruptcies, judgments, and liens filed against him. Harpe's failure to respond to the requests for documents and information significantly impeded the investigation because it deprived FINRA of material information.

Criminal charges against a broker are extremely serious and can indicate unfitness to handle customer assets and conduct securities business. Brokers are required to disclose criminal charges, and firms must consider whether a broker with criminal charges should be permitted to continue serving customers. The nature of the criminal charge is critical information that FINRA needs to assess whether the individual poses a risk to investors.

Harpe's refusal to provide information about the criminal charge prevented FINRA from determining what crime he was charged with and whether it related to his fitness as a broker. By also refusing to provide information about potential bankruptcies, judgments, and liens, Harpe obstructed FINRA's ability to assess his financial responsibility and overall fitness.

The fact that this case proceeded to a hearing before the Office of Hearing Officers, rather than being resolved through a settlement, demonstrates that Harpe chose to contest the matter despite his refusal to cooperate. The hearing officer found that his failure to respond significantly impeded the investigation by depriving FINRA of material information, justifying the bar.

Investors should understand that brokers have ongoing obligations to disclose criminal charges, bankruptcies, judgments, liens, and other matters that may affect their fitness. These disclosure requirements exist to give investors the information they need to make informed decisions about whom to trust with their money. When a broker refuses to provide information about these matters to regulators, it prevents both FINRA and investors from assessing the broker's trustworthiness and fitness.

This case illustrates that FINRA will pursue bars even when individuals refuse to participate in the process. The permanent bar ensures that Harpe cannot return to the securities industry and potentially harm investors. Investors can view information about this bar through FINRA's BrokerCheck system.