Finra bars Minneapolis broker after CEO balks

Failed to show up for hearing, agreed to industry bar.
AUG 23, 2013
The brokerage industry regulator has kicked a Minneapolis-based firm out of the business after its chief executive refused to cooperate with an investigation into the distribution of investor funds. In an Aug. 20 settlement, the Financial Industry Regulatory Authority Inc. barred William Edward Hogan II from the securities industry after he failed to provide documents and information and appear at hearings related to a cycle examination of his firm, The Hogan Co., and to the probe into the investor assets. In addition to being the CEO, Mr. Hogan was the firm's sole registered representative as well as chief manager of an investment group that handled the investor funds, according to Finra. In May, the regulator launched an investigation targeting deposits made into the investment group's bank account and the disbursement of the money to investors, including Mr. Hogan. He did not appear for testimony at a May 20 hearing, nor did he respond to a follow-up letters requesting information, which constituted violations of Finra rules. Instead, he agreed to being barred from the brokerage industry. In his settlement with Finra, he did not admit or deny Finra's findings. Neither Mr. Hogan nor his attorney could be reached for comment. Mr. Hogan, who has a doctorate degree in electrical engineering, has held positions at corporations and in academia, including being a regent at the University of Minnesota and an academic officer at the University of Kansas. In March 2012, he was appointed to the board of Wikifamilies Inc., a social-media company. A Wikifamilies news release described The Hogan Co. as a private-equity firm investing in companies with revenue between $5 million and $100 million. The phone number listed for The Hogan Co. in BrokerCheck has been disconnected.

Latest News

Carson, Lido strengthen RIA networks with bicoastal deals
Carson, Lido strengthen RIA networks with bicoastal deals

Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.

Goldman gets shareholder backing on $80M executive bonus packages
Goldman gets shareholder backing on $80M executive bonus packages

The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a husband-wife tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.