What You Need to Know
- The former broker refused to cooperate with FINRA's investigation of his termination from Goldman Sachs.
- FINRA typically bars any broker who won't cooperate with its investigation, regardless of their prior violations.
- A growing number of brokers are being terminated and sanctioned over inaccurate expense reimbursement requests.
The Financial Industry Regulatory Authority has barred a former Goldman Sachs broker who refused to cooperate with the regulator’s investigation of the firm’s allegation that he submitted inaccurate expense reimbursement requests, according to FINRA.
Without admitting or denying FINRA’s findings, Jared Ailstock signed a FINRA letter of acceptance, waiver and consent on April 2 in which he consented to its sanction against him that he be barred from associating with any FINRA member in all capacities. FINRA signed the letter Thursday.
In March, FINRA suspended a Morgan Stanley broker accused of submitting expense reports for business meals with false information about the people in attendance.
FINRA typically bars any brokers who won’t cooperate with its investigation of them, regardless of their alleged violations.
Goldman Sachs and Adrienne Ward, an attorney at the New York law firm Olshan Frome Wolosky who represented Ailstock, did not immediately respond to requests for comment on Friday.
Ailstock became associated with Goldman Sachs in June 2015 and in July 2015 became registered with FINRA as a rep.