FINRA Bars Brian Boyer Davis for Refusing to Testify in Private Securities Transaction Investigation
The Financial Industry Regulatory Authority (FINRA) has barred Brian Boyer Davis (CRD #6762567) of Tulsa, Oklahoma, from associating with any FINRA member firm in any capacity after he refused to appear for on-the-record testimony during a regulatory investigation.
On December 12, 2025, FINRA issued a Letter of Acceptance, Waiver, and Consent (AWC) under Case #2024083413502. Without admitting or denying the findings, Davis consented to the sanction and to the entry of findings.
Investigation Originated from Amended Form U5 Filings
According to FINRA, the matter began after Davis’ former member firm filed amended Uniform Termination Notices for Securities Industry Registration (Form U5).
The first amended Form U5 disclosed that the firm had initiated an internal review of Davis’ potential involvement in a private securities transaction. Private securities transactions—often referred to as “selling away”—occur when brokers participate in investment opportunities outside their firm’s supervision.
The firm later filed another amended Form U5 reporting that Davis had become the subject of investment-related, customer-initiated civil litigation.
Refusal to Appear for On-the-Record Testimony
As part of its investigation, FINRA requested that Davis appear for on-the-record testimony.
FINRA Rule 8210 authorizes the regulator to require testimony, documents, and information from registered individuals during investigations. According to FINRA’s findings, Davis refused to appear for the requested testimony.
Failure to comply with a Rule 8210 request—whether by refusing to produce documents or declining to testify—is considered a serious violation because it prevents regulators from fully evaluating potential misconduct.
As a result of his refusal to cooperate, Davis was permanently barred from associating with any FINRA member firm in all capacities.
Risks of Private Securities Transactions
Private securities transactions conducted outside a brokerage firm’s supervision can expose investors to unvetted or high-risk investments. When brokers fail to disclose such activities to their firms, investors may lose the protections that come with regulated brokerage oversight.
Regulators closely investigate these situations to determine whether investors were harmed and whether brokerage firms properly supervised their representatives.
Silver Miller Represents Investors in Broker Misconduct Cases
If a broker recommended an undisclosed investment, participated in private securities transactions without firm approval, or engaged in other forms of misconduct, you may have the right to pursue recovery.
Silver Miller represents investors nationwide in claims involving selling away, unsuitable investments, unauthorized trading, and supervisory failures. Our attorneys pursue recovery through FINRA arbitration and civil litigation.
Contact Silver Miller for a free, confidential consultation. We work on a contingency fee basis—meaning you pay nothing unless we recover for you.
