The Financial Industry Regulatory Authority Inc. has barred former Minnesota broker Brett Ashy for failing to take part in an investigation looking into his sales of variable annuities.
Mr. Ashy was terminated as a broker in February 2016 by MWA Financial Services. In July 2016, he was fined $5,000 and suspended for 30 business days by Finra for having completed, signed and dated VA applications that had been partially completed by clients, and then submitted the applications for processing.
Last month, Mr. Ashy refused to appear for on-the-record testimony about unauthorized trades.
In December 2015, the State of Minnesota Department of Commerce revoked Mr. Ashy's insurance producer license and securities registration and fined him $1,000 for failing to appear in response to an order to show cause concerning his resignation from a broker-dealer.