Finra bars Minneapolis broker after CEO balks

Failed to show up for hearing, agreed to industry bar.
AUG 23, 2013
The brokerage industry regulator has kicked a Minneapolis-based firm out of the business after its chief executive refused to cooperate with an investigation into the distribution of investor funds. In an Aug. 20 settlement, the Financial Industry Regulatory Authority Inc. barred William Edward Hogan II from the securities industry after he failed to provide documents and information and appear at hearings related to a cycle examination of his firm, The Hogan Co., and to the probe into the investor assets. In addition to being the CEO, Mr. Hogan was the firm's sole registered representative as well as chief manager of an investment group that handled the investor funds, according to Finra. In May, the regulator launched an investigation targeting deposits made into the investment group's bank account and the disbursement of the money to investors, including Mr. Hogan. He did not appear for testimony at a May 20 hearing, nor did he respond to a follow-up letters requesting information, which constituted violations of Finra rules. Instead, he agreed to being barred from the brokerage industry. In his settlement with Finra, he did not admit or deny Finra's findings. Neither Mr. Hogan nor his attorney could be reached for comment. Mr. Hogan, who has a doctorate degree in electrical engineering, has held positions at corporations and in academia, including being a regent at the University of Minnesota and an academic officer at the University of Kansas. In March 2012, he was appointed to the board of Wikifamilies Inc., a social-media company. A Wikifamilies news release described The Hogan Co. as a private-equity firm investing in companies with revenue between $5 million and $100 million. The phone number listed for The Hogan Co. in BrokerCheck has been disconnected.

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