← Broker database 2024-09-17
FINRA Bars Barak Rebibo for Failure to Provide Information Under Rule 9552(h)
According to FINRA, Barak Rebibo (CRD #6779701) of Dania, Florida was barred from the securities industry for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The bar became effective on September 17, 2024. This action is associated with FINRA Case #2024081092201. FINRA Rule 9552(h) authorizes the conversion of a suspension to a permanent bar when a person subject to suspension under Rule 9552 fails to comply with FINRA's information requirements within the allotted time. A bar permanently prohibits the individual from associating with any FINRA member firm in any capacity, effectively ending their career in the regulated securities industry. Rebibo can no longer work as a registered representative, investment advisor, or in any other registered role at a FINRA-regulated firm. The progression from suspension to bar under Rule 9552 reflects the seriousness with which FINRA treats failures to provide requested information. The process begins when FINRA identifies that an individual has failed to provide information or keep information current as required. FINRA then issues a formal notice under Rule 9552, specifying the deficiency and a deadline for compliance. If the individual fails to comply, a suspension is imposed. If the individual remains non-compliant even after suspension, the sanction is automatically elevated to a permanent bar under subsection (h). This graduated enforcement mechanism gives individuals ample opportunity to comply before facing the ultimate sanction. The ability to obtain information from registered persons and former associated persons is fundamental to FINRA's regulatory function. Without this authority, FINRA would be unable to effectively investigate potential violations of securities laws and regulations, leaving investors vulnerable to fraud and other forms of misconduct. When an individual refuses to cooperate with FINRA's information requests, it raises serious questions about what the individual may be trying to conceal and whether investors may have been harmed. Investors should be aware that individuals who have been barred from the securities industry are prohibited from engaging in any securities-related activities through a FINRA member firm. If a barred individual attempts to sell investments or provide financial advice, investors should report this to FINRA immediately. FINRA's BrokerCheck tool allows investors to verify the registration status and disciplinary history of any financial professional.