Westrock Advisors, Inc. (New York, NY) was censured and fined $50K by FINRA's NAC over its failure to produce documents in response to an arbitration claimant’s discovery request and an NASD arbitration panel’s order.  The National Adjudicatory Council (NAC), which reviews initial decisions rendered in FINRA disciplinary and membership proceedings. imposed the sanctions following appeal of an OHO decision.

Apparently, in connection with a customer arbitration proceeding, the firm received a discovery request for records involving the trades at issue - including time-stamped order tickets and daily trade blotters.  The firm allegedly claimed that the request documents either did not exist or could not be obtained from 3rd parties.  In fact, the firm allegedly possessed or had in its control many of the order tickets and blotters, or an adequate substitute. (FINRA Case #2006005696601)

For further details on this and other cases, go to:   [FINRA Disciplinary Sanctions for January 2011]