Broker Alert: Benjamin Galloway Barred for Rules Violations

Earlier this year, industry regulator FINRA barred Benjamin Galloway from practicing as a broker. The decision followed Galloway’s refusal to appear for testimony related to a FINRA investigation.

Regulators were looking into questionable mileage reimbursement requests and charges on his member firm’s corporate credit card. His refusal to testify breaks several FINRA rules for brokers.

Galloway’s registered firm was BB&T Investment Services, Inc. at the time his questionable behavior took place. Company representatives allege Galloway submitted reimbursement requests for meetings he never attended. Records show Galloway resigned from the firm in Feb of 2018. In March of the same year, the firm disclosed to FINRA they were conducting an internal review of his activities.

FINRA also began an investigation into Galloway’s reimbursement requests. In December of 2018, FINRA staff requested Galloway appear and provide on the record testimony about his actions. The former broker called FIRNA staff on December 17th to let them know he would not provide testimony. This refusal broke several FINRA rules and ultimately resulted in the bar.

The former broker signed a letter of acceptance, waiver, and consent to settle the rules violations. Galloway’s signature does not confirm or deny FINRA findings, but it does mean he consented to the the bar.

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Source: FINRA

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