← Broker database 2024-09-06
FINRA Bars Daniel James Turner for Failure to Provide Information Under Rule 9552(h)
According to FINRA, Daniel James Turner (CRD #6279874) of Philadelphia, Pennsylvania 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 6, 2024. This action is associated with FINRA Case #2023079560601. FINRA Rule 9552(h) authorizes FINRA to convert a suspension to a permanent bar when a person who was suspended under Rule 9552 for failure to provide information or keep information current fails to comply within the allotted time. This permanent bar prohibits Turner from associating with any FINRA member firm in any capacity, effectively ending his ability to work in the regulated securities industry as a broker, financial advisor, or in any other registered role. The pathway to a bar under Rule 9552(h) involves a multi-step process designed to give individuals every reasonable opportunity to comply before the most severe sanction is imposed. FINRA first notifies the individual of the specific information deficiency and provides a deadline for compliance. If the deadline passes without compliance, a suspension takes effect. If the individual still does not provide the required information after being suspended, the suspension is automatically elevated to a permanent bar. This structured approach balances the need for effective enforcement with the principle of providing due process to regulated persons. FINRA's authority to request information from associated persons is a cornerstone of the self-regulatory framework that governs the securities industry. Under FINRA Rule 8210, FINRA can demand information, documents, and testimony from current and former associated persons in connection with investigations and examinations. This authority is vital to FINRA's mission of investor protection and market integrity. Without the ability to compel cooperation, FINRA would be severely limited in its ability to detect, investigate, and remedy violations of securities laws and regulations. When an individual fails to provide requested information and is ultimately barred, it may indicate that the individual was unwilling to cooperate with a regulatory inquiry, potentially to conceal misconduct. Investors should be aware that barred individuals are permanently prohibited from working in the securities industry and should verify the registration status of any financial professional using FINRA's free BrokerCheck tool before making investment decisions.