The client alleges that the financial advisor did not explain the impact of an early withdrawal from a variable annuity on the client's future annuity income benefits.

After reviewing her notes, the client realized that Les Goldstein had no involvement in the recommendation for her to withdraw from her annuity. She immediately withdrew her complaint against Les Goldstein.

Claimants allege that the representative concentrated claimants' accounts in illiquid investments, annuities, life insurance and non-traded REITs which were unsuitable. Allegations include churning, excessive commissions, breach of fiduciary duty, and negligence.

$1,000,000.00

$90,000.00

This claim was settled without an admission of wrongdoing or liability. Goldstein did not contribute to the financial settlement. The settlement was reached for business reasons - to avoid business disruption and the time and expense associated with defending a meritless claim.

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

Consent

Monetary/Fine

$50,000.00

Censure

Suspension

NOT PROVIDED

THE SALES OF AN UNREGISTERED SECURITY.

$30,000.00

MEMBER AGREED TO THE FOLLOWING 1. $50,000 FINE 2. SUSPENSION FROM CONTACT WITH NASD MEMBERS IN ANY CAPACITY FOR 30 DAYS 3. REQUALIFICATION BY EXAM MEMBER HAS PAID FINE IN FULL AS OF DECEMBER 31, 1991 AND PER NASD MANDATE IS IN SUSPENSION FROM DECEMBER 16, 1991 THROUGH JANUARY 16, 1992. REQUEST FOR EXAM WAS SUBMITTED. TO CRD ON 11/18/91 AND MEMBER HAS REQUALIFIED BY PASSING THE SERIES 7 EXAM ON 1/16/92.

CUSTOMER ALLEGED HE DIRECTED GOLDSTEIN TO INVEST CUSTOMER FUNDS INTO AN IRA ACCOUNT AND GOLDSTEIN DID NOT DO SO. GOLDSTEIN AND DEAN WITTER DISPUTE THE CUSTOMER`S ALLEGATION.

$25,000.00

$19,500.00

BY SETTLEMENT AGREEMENT DATED & SIGNED 1/1/88, DEAN WITTER PAID $17,500 TO [CUSTOMER] AND LES GOLDSTEIN PAID $2,000 TO [CUSTOMER]. DEAN WITTER AND GOLDSTEIN DISPUTED THEIR RESPECTIVE LIABILITY UNDER THE COMPLAINT. NO CUSTOMER COMPLAINT WAS FILED WITH THE NASD. NO NASD ACTION WAS EVER TAKEN. NOT PROVIDED

PRIVATE LEDGER FINANCIAL CORP.

Discharged

FILE NO 8900064 1. CONDUCTED TRANSACTIONS NOT PERMITTED UNDER SERIES 39 LICENSE. 2. WAS NOT REGISTERED AS A REPRESENTATIVE OF ASA UNDER SECTION 8 OF THE ACT UNDER NOVEMBER 5, 1987. 3. VIOLATED SECTIONS 12-A AND 12-C OF THE ACT.

DEFENDANTS COLLECTIVELY AGREED TO PAY $1,000.00 FINE AND $3,000.00 GRANT TO SECRETARY OF STATE OF ILLINOIS AS AN ENDOWMENT TO THE ILLINOIS INVESTOR PROTECTION AND EDUCATION PROGRAM. PROHIBITED FROM OFFERING OR SELLING SECURITIES IN THE STATE OF ILLINOIS OTHER THAN IN COMPLIANCE WITH THE ACT AND THE RULES PROMULGATED THEREUNDER IN EFFECT. NASD DIRECTED NO ACTION TO BE TAKEN. Not Provided

ILLINOIS

RESPONDENT WAS AN EMPLOYEE OF AN INVESTMENT COMPANY. DURING 1987 HE OFFERED AND SOLD STOCK TO ILLINOIS RESIDENTS WHILE REPRESENTING AN INVESTMENT COMPANY THAT WAS PERMITTED TO SELL ONLY DIRECT PARTICIPATION PROGRAM PURSUANT TO SECTION 130.922(B)(2) OF THE RULES OF THE ILLINOIS SECURITIES LAW (THE "ACT"). THE ACTIVITIES OF LESTER BENJAMIN GOLDSTEIN WERE NOT PERMITTED UNDER SERIES 39 LICENSE AND RESPONDENT GOLDSTEIN WAS NOT REGISTERED AS A REPRESENTATIVE OF THE COMPANY UNDER SECTION 8 OF THE ACT AT THE TIME OF THE SALE. LESTER BENJAMIN GOLDSTEIN HAD VIOLATED SECTIONS 12.A AND 12.C OF

Consent

Monetary/Fine

$1,000.00

Censure

PROHIBITION

LESLIE BENJAMIN GOLDSTEIN AGREED TO THE ENTRY OF A CONSENT ORDER OF PROHIBITION. HE IS CENSURED, PAID A FINE OF $1,000, J&S AND VOLITIONALLY MADE A GRANT OF $3,000. THE GRANT WAS UTILIZED AS AN ENDOWMENT TO THE ILLINOIS INVESTOR PROTECTION AND EDUCATION PROGRAM. FURTHERMORE HE IS PROHIBITED FROM OFFERING OR SELLING SECURITIES IN THE STATE OF ILLINOIS OTHER THAN IN COMPLIANCE WITH THE ACT AND THE RULES PROMULGATED THEREUNDER THEN IN EFFECT.

NOT PROVIDED