According to FINRA, Wilfredo Felix Jr. was barred from association with any FINRA member in all capacities following a National Adjudicatory Council decision upholding findings and sanctions imposed by the Office of Hearing Officers. The bar has been appealed to the SEC and is in effect pending review.

Felix failed to respond to multiple FINRA requests for information and documents. Refusing to respond to even a single request is a serious violation, but failing to respond to multiple requests demonstrates a persistent refusal to cooperate with regulatory oversight.

FINRA's ability to regulate the securities industry and protect investors depends on registered persons providing requested information and documents. When individuals repeatedly refuse to respond to requests, they obstruct FINRA's mission and demonstrate unfitness for the industry.

All FINRA-registered persons agree to cooperate with investigations and inquiries as a condition of registration. This obligation is not optional and applies regardless of the nature of the inquiry. Those who repeatedly fail to respond show they will not submit to the regulatory oversight necessary to protect investors.

The permanent bar, pending appeal, removes from the industry an individual who demonstrated through multiple failures to respond that he will not cooperate with regulatory authorities. This protects investors from someone who refused to be held accountable.

This case reinforces that cooperation with FINRA requests is mandatory and repeated failures to respond will result in permanent removal from the industry. Registered persons must understand that regulatory oversight is a condition of the privilege to serve investors.