According to FINRA, Szczepan Kosmaczewski has been barred from association with any FINRA member firm in all capacities for refusing to appear for on-the-record testimony.

The investigation originated from FINRA's examination of Kosmaczewski's member firm and a resulting investigation into the recommendations of securities transactions at the firm. This suggests FINRA identified potential concerns about whether securities recommendations made to customers were appropriate.

Suitability and best interest requirements are fundamental investor protections. Brokers must have a reasonable basis to believe that recommended transactions are appropriate for customers based on their investment profile, including factors such as age, financial situation, investment experience, risk tolerance, and investment objectives.

When FINRA identifies potential issues with recommendations during a firm examination, it may investigate individual representatives to determine whether violations occurred. By refusing to testify, Kosmaczewski prevented FINRA from fully investigating whether customers were harmed by inappropriate recommendations.

What Investors Can Learn: Investors should ensure their brokers understand their financial situation and investment goals before making recommendations. Keep records of your stated investment objectives and risk tolerance. If you believe you received unsuitable recommendations, you can file a complaint with FINRA or pursue arbitration to recover losses.