D. Wray Rodgers Barred By FINRA After Investigation

D. Wray Rodgers (CRD# 2842993, aka, “D Wray Rodgers,” “D. Ray Rodgers,” and Wray Rodgers”) is a former registered broker last employed with Vining-Sparks IBG, LLC (CRD# 27502) and previously employed with ICBA Securities (CRD# 24088), both of Memphis, TN. He has been in the industry since 1997.

On 5/20/2022, Vining-Sparks filed a Uniform Termination Notice for Securities Industry Registration (Form US) disclosing that Rodgers voluntarily terminated his association with the firm. FINRA then commenced a review into the termination, and requested Rodgers submit documents and information to support that review.

FINRA sent Rodgers a letter on 5/5/2023 requesting Rodgers to appear for on-the-record testimony for its investigation. In the Form U5 were allegations that Rodgers engaged in outside business activities (OBA) without providing written notice to Vining-Sparks beforehand as required by the firm. An additional allegation involved Rodgers’ misuse of customer funds.

On May 11, 2023, Rodgers’ counsel notified FINRA staff in an email that he would neither provide the requested documents and information nor appear for any on-the-record testimony at any time. These refusals are in violation of FINRA Rules 8210 and 2010. FINRA subsequently indefinitely barred Rodgers from affiliation with a FINRA member broker-dealer in any capacity. Rodgers signed a letter of Acceptance, Waiver & Consent (AWC) on 5/25/2023, and the bar went into effect on 6/7/2023.

Rodgers has one previous disclosure in his CRD, a customer dispute filed on 9/26/2011. In it, the client alleges that they purchased $1,892,500 of FNMA and FHLMC preferred shares during February 2002 and January of 2007 through February 2008. The customer claimed that Rodgers did not adequately disclose the risks of these shares, and that “government-backing of these securities was erroneously represented.” The client requested damages of $1,892,500.00, and the claim was settled for $105,000.00. Notes in the broker statement indicate that Rodgers was dismissed from the claims upon finalization of the arbitration settlement.

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