← Broker database 2026-03-20
Anthony Sica Barred for Refusing to Appear for FINRA On-the-Record Testimony
According to FINRA, Anthony Sica (CRD #1332626) of Hampton Bays, New York, was barred from association with any FINRA member in all capacities after refusing to appear for on-the-record testimony requested by FINRA as part of a targeted examination of his member firm's practices regarding public and private offerings of small-capitalized exchange-listed issuers.
The AWC was issued on March 20, 2026, with Sica consenting to the sanction and findings without admitting or denying the underlying allegations.
FINRA's targeted examination of practices related to public and private offerings of small-capitalized issuers represents an area of ongoing regulatory focus. Small-cap offerings — including those involving small exchange-listed companies — can present elevated risks for investors because these securities may be thinly traded, subject to higher volatility, and sometimes associated with promotional schemes, manipulation, and other forms of investor harm. FINRA's examination authority in this area is critical to identifying and stopping misconduct before investors suffer significant losses.
FINRA Rule 8210 grants FINRA authority to require any member or associated person to appear and testify on the record in connection with a regulatory examination or investigation. Refusal to comply with a request for on-the-record testimony is an independent violation that results in a permanent bar from the industry.
When securities industry participants refuse to cooperate with regulatory examinations, it impedes FINRA's ability to protect investors and undermines the integrity of the supervisory system that broker-dealers are required to maintain. Market participants who are unwilling to be transparent with their regulator have no place in an industry built on investor trust.
Investors in small-cap securities should be aware that these markets carry inherent risks. Understanding the regulatory oversight of your broker-dealer, including whether the firm and its associated persons have disciplinary histories, is an important step in making informed investment decisions.