According to FINRA, Ruben Rojas-Salvador was barred from association with any FINRA member firm in all capacities for refusing to appear for on-the-record testimony.
FINRA requested Rojas-Salvador's testimony in connection with an investigation into a matter that originated from a tip submitted to the regulator. Without admitting or denying the findings, Rojas-Salvador consented to the bar.
Cooperation with FINRA investigations is a fundamental obligation of all registered persons. When an individual becomes registered with a broker-dealer, they agree to abide by FINRA rules, which include providing information and testimony when requested during regulatory investigations.
The refusal to testify prevents FINRA from gathering evidence necessary to determine whether violations occurred and to protect investors from potential harm. Given the importance of this obligation, FINRA imposes a bar from the industry as the standard sanction for those who refuse to appear for testimony.
For investors, bars for failure to testify leave underlying concerns unresolved. The tip that prompted FINRA's investigation may have alleged serious misconduct, but without the individual's testimony, the investigation cannot be completed. While the bar removes the individual from the industry, it does not provide answers about what may have occurred.
Investors who had business dealings with Rojas-Salvador should review their account statements carefully. If you have concerns about transactions in your account, consider consulting with a securities attorney to understand your rights and options.