Troy Orlando Barred for Refusing to Testify in FINRA Investigation

According to FINRA, Troy Allen Orlando was barred from association with any FINRA member firm in all capacities after refusing to appear for on-the-record testimony.

FINRA's investigation arose from an examination of Orlando's member firm and focused on the suitability of certain recommendations made at the firm. Suitability investigations examine whether recommendations made to customers were appropriate given their financial situation, investment objectives, and risk tolerance.

As part of its investigation, FINRA requested that Orlando appear and provide testimony under oath. Under FINRA Rule 8210, associated persons must cooperate with FINRA investigations, including appearing for testimony when requested.

By refusing to testify, Orlando obstructed FINRA's ability to fully investigate whether unsuitable recommendations were made to customers. As a result, FINRA imposed a permanent bar, prohibiting Orlando from working in any capacity at a FINRA member firm.

Suitability violations can cause significant harm to investors who receive recommendations that are inappropriate for their circumstances. When representatives refuse to cooperate with suitability investigations, it prevents regulators from determining the full extent of any violations and potentially identifying affected customers. Investors who worked with Orlando and have concerns about recommendations they received should consider consulting with a securities attorney about their options.

Source: FINRA disciplinary actions (PDF)