FINRA

RESPONDENT BARRETT FAILED TO COMPLY WITH AN ARBITRATION AWARD OR SETTLEMENT AGREEMENT OR TO SATISFACTORILY RESPOND TO A FINRA REQUEST TO PROVIDE INFORMATION CONCERNING THE STATUS OF COMPLIANCE IN FINRA ARBITRATION CASE #11-02484.

Order

Suspension

ANY CAPACITY

N/A

12/10/2014

ON JULY 7, 2014, IN RESPONSE TO THE RULE 9554 NOTICE, BARRETT ASSERTED THAT HE HAD A BONA FIDE INABILITY TO PAY THE AWARD, AND REQUESTED A HEARING. BY ASSERTING THIS DEFENSE, BARRETT ASSUMED THE BURDEN OF PROVING HIS INABILITY TO PAY. RESPONDENT HAS PROVIDED UNACCEPTABLY INCOMPLETE FINANCIAL DISCLOSURE TO REGULATORY OPERATIONS DESPITE BEING AFFORDED MULTIPLE POSTPONEMENTS OF DEADLINES FOR PRODUCTION. AS A RESULT, REGULATORY OPERATIONS HAS BEEN DEPRIVED OF THE ABILITY TO ASSESS BARRETT'S FINANCIAL CIRCUMSTANCES TO DETERMINE THE VIABILITY OF HIS CLAIMED DEFENSE. THEREFORE, PURSUANT TO FINRA RULE 9559(M), BARRETT IS DEEMED TO HAVE ABANDONED HIS DEFENSE OF A BONA FIDE INABILITY TO PAY THE ARBITRATION AWARD ISSUED AGAINST HIM, AND HAS WAIVED HIS OPPORTUNITY FOR A HEARING. THEREFORE, THE RULE 9554 NOTICE IS DEEMED FINRA'S FINAL ACTION.