← Broker database 2024-01-02
Michael Fasciglione Barred by FINRA for Failure to Provide Information
According to FINRA, Michael Fasciglione (CRD #1806486), a registered representative based in Bellmore, New York, was barred from the securities industry effective January 2, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number is 2023078623001.
FINRA Rule 9552(h) provides for the automatic bar of individuals who fail to respond to FINRA's requests for information during regulatory investigations. This rule is a critical enforcement mechanism because it ensures that individuals cannot simply ignore FINRA's inquiries and continue working in the securities industry. The rule reflects the principle that cooperation with regulatory oversight is not optional for securities professionals; it is a fundamental condition of the privilege of working in the industry.
Michael Fasciglione's CRD number, 1806486, suggests he has been in the securities industry for a significant period of time, as lower CRD numbers are typically assigned to individuals who registered earlier in their careers. The fact that a long-tenured industry professional would fail to cooperate with a FINRA investigation is particularly concerning, as experienced professionals are well aware of their regulatory obligations and the consequences of non-compliance.
When FINRA initiates an investigation and requests information from a registered representative, that individual is required to respond fully and truthfully. The information requested may relate to customer complaints, suspicious transactions, outside business activities, or any number of other regulatory concerns. By failing to provide the requested information, Fasciglione prevented FINRA from completing its investigation, which could have implications for investor protection if the underlying concerns involved customer harm.
For investors, this case reinforces the importance of monitoring the regulatory status of financial professionals. A bar from the securities industry is a permanent action, meaning Fasciglione cannot legally associate with any FINRA member firm going forward. Investors who previously worked with Fasciglione should review their account statements and consider whether any transactions or recommendations warrant further scrutiny. FINRA's BrokerCheck tool is a valuable free resource that allows investors to look up the complete regulatory history of brokers and firms. Taking the time to review this information before and during a relationship with a financial professional is an important step in protecting one's investments and financial well-being.