Damian Mark Baird Barred for Refusing to Cooperate with Multiple FINRA Investigations

According to FINRA, Damian Mark Baird was barred from association with any FINRA member in all capacities for failing to respond to FINRA requests for information and documents in connection with two separate investigations.

The first investigation focused on whether Baird failed to comply with his discovery obligations in a FINRA arbitration where he was named as a respondent. The arbitration panel had already levied a fine against him for failing to comply with a discovery order, and FINRA opened an investigation into this failure.

The second investigation examined allegations in a Form U5 Amendment filed by Baird's former firm, which disclosed a customer complaint. The Form U5 stated that two of Baird's customers wrote a check for $50,000 for deposit into their account, but the bank's fraud department contacted them with concerns that the check presented for payment may have been altered and was made payable to Baird instead. FINRA requested documents including bank and brokerage account statements and information about any alterations Baird may have made to the customers' check. Despite these requests, Baird refused to respond and also failed to appear for testimony.

The allegations involving the altered check raise serious concerns about potential financial misconduct and misappropriation of customer funds. Baird's refusal to cooperate prevented FINRA from investigating these serious allegations and determining what happened to the customers' money.

The permanent bar prevents Baird from working at any FINRA member firm. For investors, this case illustrates the importance of FINRA's investigative process in uncovering potential fraud and protecting customers. When registered representatives refuse to provide information about allegations involving customer funds, it suggests an attempt to conceal misconduct and justifies the most severe regulatory sanction.