UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC RELEASE 34-75512/JULY 23, 2015: THE SECURITIES AND EXCHANGE COMMISSION (COMMISSION) DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 (EXCHANGE ACT) AGAINST ROBERT OKIN. BETWEEN OCTOBER 2009 AND DECEMBER 2010, OKIN FAILED REASONABLY TO SUPERVISE A BRANCH OFFICE MANAGER (BOM) UNDER HIS DIRECT SUPERVISION WITH A VIEW TOWARDS PREVENTING AND DETECTING HIS VIOLATIONS OF SECTION 5 OF THE SECURITIES ACT OF 1933 IN CONNECTION WITH THE UNREGISTERED OFFER AND SALE BY A CUSTOMER OF THE FIRM (THE CUSTOMER) OF THE SECURITIES OF FIVE DIFFERENT ISSUERS. NO REGISTRATION STATEMENT WAS FILED WITH THE COMMISSION WITH RESPECT TO ANY OF THE OFFERS OR SALES, AND NO EXEMPTION FROM REGISTRATION APPLIED. INFORMATION ABOUT THE PROPOSED TRANSACTIONS PROVIDED TO OKIN IN CONNECTION WITH THESE REQUESTS SUGGESTED THAT THE TRANSACTIONS MIGHT VIOLATE SECTION 5. OKIN FAILED TO FOLLOW UP WITH THE BOM TO DETERMINE WHETHER THE PROPOSED OFFERS AND SALES COMPLIED WITH SECTION 5 OR WHETHER THE BOM HAD PERFORMED A REASONABLE INQUIRY INTO THE OFFERS AND SALES TO DETERMINE THAT THEY WERE EXEMPT FROM REGISTRATION. IF OKIN HAD FOLLOWED UP APPROPRIATELY, IT IS LIKELY THAT HE WOULD HAVE PREVENTED AND DETECTED THE BOM'S SECTION 5 VIOLATIONS. WHEN NEW FIRM POLICY RELATED TO PENNY STOCKS PREVENTED THE CUSTOMER FROM BEING ABLE TO TRADE IN PENNY STOCKS, THE BOM SOUGHT AN EXEMPTION FROM AN ACCOUNT-BASED CONDITION OF THE POLICY FOR THE CUSTOMER. OKIN AND ANOTHER MEMBER OF SENIOR MANAGEMENT WHO, UNLIKE OKIN, HAD OPERATIONAL RESPONSIBILITY AT THE FIRM BUT NO SUPERVISORY RESPONSIBILITY FOR THE BOM GRANTED THE EXEMPTION, AND THE CUSTOMER'S DEPOSITS AND SALES WERE SUBJECT TO TRUNCATED REVIEW. ACCORDINGLY, THE BOM FACILITATED THE CUSTOMER'S DEPOSIT AND SALE OF THE SECURITIES IN ONE OF THE FIVE ISSUERS IN VIOLATION OF SECTION 5.

Order

Bar (Permanent)

SEE COMMENTS

SEE COMMENTS

7/23/2015

Civil and Administrative Penalty(ies)/Fine(s)

$125,000.00

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC ADMIN RELEASE 33-8778, SEC ADMIN RELEASE 34-55208, IA RELEASE 40-2587, IC RELEASE 40-27692, JANUARY 31, 2007: -THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (COMMISSION) ANNOUNCED THE ISSUANCE OF AN ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933, SECTIONS 15(B)(6) AND 21C OF THE SECURITIES EXCHANGE ACT OF 1934, SECTION 203(F) OF THE INVESTMENT ADVISERS ACT OF 1940, AND SECTIONS 9(B) AND 9(F) OF THE INVESTMENT COMPANY ACT OF 1940 AGAINST ROBERT OKIN. IT ALLEGED THAT OKIN FAILED REASONABLY TO SUPERVISE THE BROKERS UNDER SECTION 15(B)(6) OF THE EXCHANGE ACT WHICH INCORPORATES BY REFERENCE SECTION 15(B)(4)(E). OKIN WAS THE HEAD OF THE PRIVATE CLIENT SERVICES DIVISION OF MEMBER FIRMS. OKIN SUPERVISED REPRESENTATIVES AND KNEW OF, AND ASSISTED, THEIR DECEPTIVE MARKET TIMING PRACTICES.

Order

Monetary/Fine

$150,000.00

Disgorgement/Restitution

Suspension

UNDERTAKINGS: OKIN UNDERTAKES TO COOPERATE FULLY WITH THE COMMISSION IN ANY AND ALL INVESTIGATIONS, LITIGATIONS OR OTHER PROCEEDINGS RELATING TO OR ARISING FROM THE MATTERS DESCRIBED IN THIS ORDER.

SEC ADMINISTRATIVE PROCEEDING RELEASE 34-57879, MAY 28, 2008. WITHOUT ADMITTING OR DENYING THE FINDINGS RESPONDENT CONSENTS TO THE ENTRY OF THIS ORDER. ACCORDINGLY, PURSUANT TO SECTION 15(B) OF THE EXCHANGE ACT IS ORDERED THAT: RESPONDENT IS SUSPENDED FROM ASSOCIATION IN A SUPERVISORY CAPACITY WITH ANY BROKER OR DEALER FOR A PERIOD OF 12 MONTHS, EFFECTIVE ON THE SECOND MONDAY FOLLOWING THE ENTRY OF THIS ORDER. RESPONDENT SHALL, WITHIN 30 DAYS OF THE ENTRY OF THIS ORDER, PAY DISGORGEMENT OF $1, AND A CIVIL MONEY PENALTY IN THE AMOUNT OF $150,000 TO THE SECURITIES AND EXCHANGE COMMISSION. THE SUSPENSION IN ANY SUPERVISORY CAPACITY WILL BE IN EFFECT FROM JUNE 9, 2008, THROUGH JUNE 8, 2009.

THIS MATTER WAS RESOLVED AS A RESULT OF AN OFFER OF SETTLEMENT BY MR. OKIN, WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE ORDER.