Stockbroker Kyle Benjamin Baker Barred Over Refusal to Cooperate With FINRA

Kyle Benjamin Baker: Barred Stockbroker from First Trust Portfolios LP Fails to Cooperate with FINRA Investigation

Kyle Benjamin Baker, a former stockbroker associated with First Trust Portfolios LP in Wheaton, Illinois, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm due to his failure to cooperate in a FINRA investigation.

Refusal to Provide Testimony

• On January 4, 2024, FINRA requested Baker to provide testimony as part of an ongoing investigation, as per FINRA Rule 8210, which allows FINRA to demand information and testimony from stockbrokers.
• Baker’s lawyer initially sought to delay the testimony, and subsequent communications confirmed that Baker would not attend the scheduled testimony.
• Despite FINRA’s final request on March 1, 2024, for Baker to appear for testimony, he informed FINRA on March 12, 2024, through his lawyer, that he would not appear at any time.

Violation of FINRA Rules

By refusing to comply with the requests for testimony, Baker violated both FINRA Rules 2010 and 8210, leading to his bar from associating with any FINRA member firm. FINRA Rule 2010 requires members to observe high standards of commercial honor and just and equitable principles of trade. Rule 8210, on the other hand, allows FINRA to request information from its members and associated persons, with failure to comply being considered conduct inconsistent with just and equitable principles of trade.

Baker’s refusal to testify during FINRA’s investigation into potential misconduct constituted a violation of these rules. As a result, FINRA exercised its authority to bar him from associating with any FINRA member firm in the securities industry. This disciplinary action underscores the importance of cooperation and transparency in adhering to FINRA’s regulations, which are designed to maintain the integrity of the financial markets and protect investors.

Related Resources

• FINRA Rule 2010
• FINRA Rule 8210
• FINRA Disciplinary Actions FAQs

Employment History

Kyle Benjamin Baker was associated with First Trust Portfolios LP in Wheaton, Illinois, from April 27, 2005, until April 8, 2024, when he was barred by FINRA. The Letter of Acceptance, Waiver, and Consent No. 2020066123601 outlines the details of Baker’s failure to cooperate and subsequent bar.

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Written By: Courtney Werning, Esq