According to FINRA, Gwendolyn Janice Hayes has been barred from association with any FINRA member in all capacities for refusing to produce information requested during a FINRA examination.

The examination concerned allegations that Hayes changed customers' investment objectives without their consent, mismarked transactions as unsolicited when they were actually solicited, and accepted trading instructions from unauthorized individuals.

When FINRA requested information related to these serious allegations, Hayes refused to comply. Under FINRA rules, associated persons must provide information and documents requested in connection with examinations and investigations.

Changing customer investment objectives without authorization can expose customers to unsuitable investments. Mismarking solicited trades as unsolicited can hide patterns of unsuitable recommendations. Accepting instructions from unauthorized individuals violates customer account protections.

Hayes's refusal to cooperate prevented FINRA from fully investigating these allegations. While a bar may seem harsh for non-cooperation alone, FINRA cannot effectively protect investors if industry professionals refuse to participate in regulatory oversight.

Investors should ensure their stated investment objectives accurately reflect their goals and review trade confirmations to verify whether transactions were marked as solicited or unsolicited.