A former Cambridge Investment Research advisor has been barred from the profession after refusing to cooperate with a probe into his client communications, the Financial Industry Regulatory Authority announced.
Jay D. Zornes consented to FINRA's findings without admitting or denying them, the agency said Tuesday.
Zornes, registered with FINRA as a Cambridge securities representative from March 2014 to May 2025, was permitted to resign "while under investigation for using unapproved email addresses and an unapproved text messaging number to communicate with clients," the firm reported to the authority in a termination notice.
He refused to provide information and documents that FINRA requested for its investigation into whether he used unapproved channels to communicate with Cambridge customers, and to appear for on-the-record testimony, violating authority rules, the consent agreement states.
The Securities and Exchange Commission has cracked down on off-channel communications violations, such as texting and use of unauthorized messaging apps, imposing over $3 billion in fines as of late 2024. The SEC's current chairman, however, suggested in October that enforcement has gone too far.
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