According to FINRA, Rachel Katherine Chapman was barred from association with any FINRA member firm in all capacities after refusing to appear for on-the-record testimony.

FINRA was investigating Chapman's member firm's determination that she misused a corporate card. Corporate card misuse can range from minor policy violations to serious misconduct involving misappropriation of firm funds.

As part of its investigation, FINRA requested that Chapman appear and provide testimony under oath. Under FINRA Rule 8210, associated persons are required to cooperate with FINRA investigations, including appearing for testimony when requested.

By refusing to testify, Chapman prevented FINRA from fully investigating the circumstances surrounding the corporate card allegations. As a result, FINRA imposed a permanent bar, prohibiting Chapman from working in any capacity at a FINRA member firm.

While the details of the alleged corporate card misuse were not fully established due to Chapman's refusal to cooperate, the bar ensures that she cannot return to the securities industry without first addressing her failure to comply with regulatory requirements. This case illustrates that refusing to cooperate with a FINRA investigation carries serious consequences regardless of the underlying allegations being investigated.