Keith Wesley Schongar (CRD #6215149) Has Regulatory and Investigation Disclosures on FINRA BrokerCheck

Keith Wesley Schongar (CRD #6215149) was previously registered as a broker and investment adviser. We reviewed his BrokerCheck report on April 16, 2026. It reflects one regulatory event and one investigation. If you worked with Keith Schongar and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

Keith Schongar’s FINRA BrokerCheck report reflects one regulatory event disclosure. A summary of the disclosure is below:

On February 12, 2026, FINRA initiated a regulatory action against Keith Schongar. Keith Wesley Schongar FINRA BrokerCheck states FINRA alleged he failed to respond to requests for information. The matter reached a final resolution by letter on March 9, 2026. FINRA imposed an indefinite suspension in all capacities. The regulator statement says the suspension continues unless he requests termination and provides the required information. It also states the suspension would automatically convert to a bar on May 15, 2026 under Rule 9552(h) if no termination request is made within the notice period.

Investigation

Keith Schongar’s FINRA BrokerCheck report also reflects one investigation disclosure. A summary of the disclosure is below:

On October 1, 2025, Empower Financial Services, Inc. received a preliminary inquiry from FINRA concerning transactions involving transfers out of a Charles Schwab & Co. account on which Keith Schongar was an authorized party. Keith Wesley Schongar FINRA BrokerCheck states the inquiry requested a signed and detailed statement. The disclosure lists the investigation as pending. The firm statement says compliance staff met with him, provided the request, and expected a written response. It also says he later became non-responsive and was terminated on October 16, 2025 for lack of cooperation.

Rule Summary #1: FINRA Rule 9552 (Failure to Provide Information or Keep Information Current)

FINRA Rule 9552 lets FINRA suspend a broker or associated person who does not provide information requested under FINRA rules. That fits this disclosure because the regulator statement says the suspension followed a failure to respond and could convert to a bar if the issue is not cured.

Rule Summary #2: FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books)

FINRA Rule 8210 requires associated persons to provide information, testimony, and records when FINRA asks for them in an investigation or proceeding. This rule matters here because the reported conduct centers on a failure to provide information that FINRA requested.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Keith Schongar:

Is not currently registered with any state or SRO.

Was previously registered as a broker and investment adviser.

Was previously associated with firms that include Empower Financial Services, Inc., TD Ameritrade, Inc., and Scottrade, Inc.

Kurta Law Can Help

If you have worked with Keith Schongar and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Security Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.