According to FINRA, Roman Meyerhans was fined $10,000 and suspended from association with any FINRA member in all capacities for 30 days for causing his member firm to maintain incomplete books and records by using an instant messaging application to communicate with firm customers regarding securities-related business.

The instant messaging application was not an approved electronic communications channel, so the firm did not capture or maintain Meyerhans' communications through this platform. After discovering Meyerhans' use of the unapproved instant messaging application, the firm issued a Letter of Education reminding him of the firm's prohibition against using unapproved electronic messaging platforms. Meyerhans acknowledged that he had read, understood, and agreed to comply with the terms of the Letter of Education, including the firm's electronic communications policies.

Despite this acknowledgment, Meyerhans continued to use the instant messaging application to communicate with firm customers regarding securities-related business for another 19 months. This extended period of continued violations after receiving explicit warning from the firm demonstrates a willful disregard for compliance requirements and firm policies.

Investors should understand that firms are required to maintain records of all securities-related communications with customers. This requirement exists so that firms can supervise representatives' communications, respond to customer complaints, and allow regulators to review communications during investigations. When representatives use unapproved messaging applications, these communications occur outside the firm's recordkeeping and supervisory systems, creating gaps in oversight and accountability. The case demonstrates that continuing to violate recordkeeping requirements after receiving explicit warnings from a firm results in significant sanctions. Representatives must use only approved communication channels when discussing securities business with customers.