← Broker database 2024-08-01
FINRA Complaint Filed Against Raymond Damien Rohne for Failure to Provide Testimony
According to FINRA, Raymond Damien Rohne (CRD #1942268), a broker based in Croton-on-Hudson, New York, was named as a respondent in a FINRA complaint on August 1, 2024, alleging that he failed to appear and provide on-the-record testimony requested by FINRA. These are allegations that have not been adjudicated.
The complaint alleges that Rohne failed to cooperate with FINRA's investigation into activities regarding a failed sale of shares in a private space exploration company. Specifically, FINRA alleges that Rohne failed to appear and provide on-the-record testimony that was material to the investigation. The case is connected to fellow respondent Ben Jen, and FINRA had requested electronic communications between Rohne and Jen as part of its broader inquiry.
This case is tied to FINRA Case #2022075977501. The obligation to provide testimony is a fundamental requirement for all individuals associated with FINRA member firms. Under FINRA Rule 8210, registered persons and associated persons are required to provide information, documents, and testimony when requested by FINRA in connection with an investigation, complaint, examination, or proceeding. Failure to comply with Rule 8210 is considered one of the most serious violations a broker can commit because it directly obstructs FINRA's ability to fulfill its investor protection mandate.
When a broker refuses to provide testimony, FINRA is unable to fully investigate the underlying conduct that prompted the inquiry. This can leave investors without answers about potential misconduct that may have affected their investments. The refusal to testify does not necessarily mean the broker engaged in wrongdoing related to the underlying investigation, but the failure to cooperate is itself a standalone violation that can result in significant sanctions, including a bar from the securities industry.
Investors should understand that these are currently allegations and Rohne is entitled to a hearing before a FINRA disciplinary panel. The case has not been adjudicated, and no findings of wrongdoing have been made at this stage. Investors can monitor the progress of this case and check the backgrounds of their financial professionals through FINRA's BrokerCheck system, which provides free access to the professional backgrounds of current and former FINRA-registered brokers and firms.