According to FINRA, Helen Grace Caldwell was barred from association with any FINRA member in all capacities for declining to provide on-the-record testimony requested by FINRA in connection with an investigation into Forms U5 filed by her former member firms.

One of Caldwell's former firms submitted an amended Form U5 disclosing that it was reviewing whether she had adequately disclosed outside business activities and solicited firm clients to invest in her film production business. The firm later filed another amended Form U5 disclosing that its internal review concluded that Caldwell did not adequately disclose her outside business activity and was soliciting firm clients to invest in it, several of whom subsequently made investments. Another firm filed a Form U5 disclosing that Caldwell had been discharged following an internal review concerning the accuracy of disclosures she made and her compliance with the firm's Outside Activities and Outside Investment Policy.

Registered representatives are required to disclose outside business activities to their firms so the firms can supervise these activities and prevent conflicts of interest or unsuitable investments. When representatives solicit firm clients to invest in their outside businesses without proper disclosure and approval, it creates serious conflicts of interest and potential for abuse. Caldwell's refusal to testify about these matters resulted in a bar from the industry.