According to FINRA, Stephen Philip King was barred from association with any FINRA member firm in all capacities after refusing to appear for on-the-record testimony requested by FINRA.

FINRA sought King's testimony in connection with its investigation into his supervision of recommendations by registered representatives of his member firm that customers invest in low-priced securities. Low-priced securities, sometimes called penny stocks, can present significant risks to investors and require appropriate supervision to ensure recommendations are suitable.

By refusing to cooperate with FINRA's investigation, King prevented regulators from fully investigating the matter and determining whether customers were harmed by inadequate supervision of penny stock recommendations.

FINRA Rule 8210 requires associated persons to cooperate with FINRA investigations. This cooperation requirement is essential to FINRA's investor protection mission. Without the ability to compel testimony, regulators would be unable to effectively investigate potential misconduct.

The bar from the securities industry means that King can no longer work in any capacity for any FINRA member firm. Investors can verify the registration status and disciplinary history of their financial professionals through FINRA's BrokerCheck service.

Investors should be particularly cautious when recommended low-priced securities, as these investments often involve significant risks including limited liquidity, lack of publicly available information, and susceptibility to manipulation.