Initiated By
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Allegations
NASD RULES 2110 AND 3040 - RESPONDENT PARTICIPATED IN PRIVATE SECURITIES TRANSACTIONS AND FAILED TO PROVIDE PRIOR NOTICE, WRITTEN OR OTHERWISE, TO HIS MEMBER FIRM DESCRIBING THE PROPOSED TRANSACTION AND HIS ROLE THEREIN, AND WHETHER HE HAD RECEIVED OR MIGHT RECEIVE SELLING COMPENSATION IN CONNECTION WITH THIS TRANSACTION.
Resolution
Acceptance, Waiver & Consent(AWC)
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Amount
$5,000.00
Sanctions
Restitution
Sanctions
Suspension
Registration Capacities Affected
ANY CAPACITY
Duration
THREE MONTHS
Start Date
6/2/2003
End Date
9/1/2003
Regulator Statement
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, RESPONDENT CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE HE IS FINED $50,000, SUSPENDED FROM ASSOCIATION WITH ANY NASD MEMBER IN ANY CAPACITY FOR THREE MONTHS, AND DISGORGEMENT OF $17,250.00 IN COMMISSIONS RECEIVED TO BE PAID AS RESTITUTION TO THE CUSTOMERS. IF FOR ANY REASON RESPONDENT CANNOT LOCATE THE CUSTOMER(S) AFTER REASONABLE AND DOCUMENTED EFFORTS, WITHIN A REASONABLE TIME PERIOD, THE RESPONDENT SHALL FORWARD ANY UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY, OR ABANDONED PROPERTY FUNDS FOR THE STATE IN WHICH THE CUSTOMER CONDUCTED ITS PRINCIPAL BUSINESS. SUSPENSION EFFECTIVE AT THE OPENING OF BUSINESS JUNE 2, 2003, TO SEPTEMBER 1, 2003