FINRA Bars Ryan Wesley Davis for Refusing to Testify in Private Securities Transaction Investigation
The Financial Industry Regulatory Authority (FINRA) has barred Ryan Wesley Davis (CRD #5285713) of Jenks, 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 #2024083413501. 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 investigation 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 into 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 and approval.
The firm later filed an additional amended Form U5 indicating 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.
Under FINRA Rule 8210, registered representatives are required to provide testimony, documents, and information when requested during regulatory investigations. According to FINRA’s findings, Davis refused to appear for the requested testimony.
A refusal to comply with a Rule 8210 request is considered a serious violation because it interferes with FINRA’s ability to investigate potential misconduct and protect investors.
As a result of his refusal to cooperate, Davis was permanently barred from associating with any FINRA member firm in all capacities.
Risks Associated with Private Securities Transactions
Private securities transactions conducted outside a brokerage firm’s supervision can expose investors to significant financial risk. When brokers fail to disclose such activities to their firms, investors may lose important protections that come with firm oversight and regulatory supervision.
FINRA closely examines these situations to determine whether investors were harmed and whether brokerage firms maintained proper supervisory procedures.
Silver Miller Represents Investors in Broker Misconduct Matters
If a broker recommended an undisclosed investment or participated in private securities transactions without firm approval, you may have legal options to recover your losses.
Silver Miller represents investors nationwide in claims involving selling away, unsuitable investment recommendations, 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.
