ILLINOIS SECURITIES DEPARTMENT

RESPONDENT'S REGISTRATION AS A SALESPERSON IN THE STATE OF ILLINOIS IS SUBJECT TO REVOCATION BASED UPON A DECISION AND SETTLEMENT BY THE NASDR COMMITTEE AGAINST THE RESPONDENT.

Consent

Censure

CONSENT ORDER OF CENSURE ISSUED DECEMBER 30, 1997. RESPONDENT IS CENSURED, AND SHALL RETAKE AND PASS THE SERIES 63 EXAM WITHIN 30 DAYS OF THIS ORDER. RESPONDENT SHALL FURNISH TO THE ILLINOIS SECURITIES DEPARTMENT PROOF OF HIS SUCCESSFUL SERIES 63 REQUALIFICATION WITHIN 31 DAYS OF THIS ORDER.

Not Provided

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

Decision & Order of Offer of Settlement

Monetary/Fine

$2,500.00

Censure

Suspension

I SETTLED THE COMPLAINT BY AGREEING TO THE ITEMS MENTIONED IN 8C; HOWEVER, DID THIS TO AVOID COSTLY LEGAL EXPENSES AND TIME CONSUMING PROCEEDINGS AND DENY ANY WRONGDOING. DURING THE TIME IN QUESTION, I WAS NOT INFORMED OR ADVISED BY THE FIRM OR ANY REGULATORY BODY OF ANY WRONGDOIGN. I, THEREFORE, MAINTAIN I BROKE NO NASD RULES OF FAIR PRACTICE AND ONLY ACTED WITHIN THE FIRM'S POLICIES AND PROCEDURES.