According to FINRA, Michael Rene Pena was barred from association with any FINRA member in all capacities on January 11, 2022, for refusing to appear for on-the-record testimony.

FINRA initiated an investigation into whether Pena failed to timely amend his Form U4 to disclose a potentially reportable event and whether he submitted false continuing education course completion documents. Form U4 is the uniform application for securities industry registration that must be kept current with accurate information about the registered person's background, including disciplinary events, customer complaints, and other matters that could affect their fitness to work in the securities industry.

Pena initially cooperated with FINRA's investigation but subsequently ceased doing so and refused to appear for requested on-the-record testimony. This refusal to cooperate represents a serious violation of the obligations that come with securities industry registration.

FINRA rules require registered persons to cooperate fully with regulatory investigations. This duty to cooperate is essential to FINRA's ability to regulate the securities industry effectively and protect investors. Without cooperation from subjects of investigations, FINRA cannot adequately investigate potential misconduct and take appropriate action to protect investors.

When individuals refuse to provide testimony or information to FINRA, they face severe sanctions, typically including bars from the industry. These strong sanctions reflect the fundamental importance of cooperation with regulatory authorities.

For investors, this case serves as a reminder to check your financial advisor's background through FINRA BrokerCheck before working with them. BrokerCheck displays registration information, employment history, and any regulatory actions or customer complaints. Individuals who are barred from the industry are prohibited from working as registered representatives, and investors should avoid doing business with them.