Initiated By
FLORIDA DIVISION OF SECURITIES AND INVESTOR
PROTECT*See FAQ #1*
Allegations
ON JUNE 1, 1994, THE FLORIDA DEPARTMENT OF
BANKING AND FINANCE ISSUED AN ADMINISTRATIVE CHARGES AND
COMPLAINT WITH NOTICE OF RIGHTS AGAINST RESPONDENT DARRYL N.
SLOAN. THE DEPARTMENT'S COMPLAINT ALLEGES THAT THE RESPONDENT
SOLD UNREGISTERED SECURITIES AND SOLD SECURITIES AS AN
UNREGISTERED AGENT OF L.F. THOMPSON & COMPANY, RESULTING IN
VIOLATIONS OF CHAPTER 517, FLORIDA STATUTES, AND THE RULES OF
THE DEPARTMENT. THE DEPARTMENT SEEKS TO REVOKE, RESTRICT, OR
SUSPEND THE RESPONDENT'S REGISTRATION, ORDER RESPONDENT TO
CEASE AND DESIST VIOLATIONS OF FLORIDA LAW AND RULES, AND
IMPOSE FINES OF UP TO $5,000 PER VIOLATION.
Resolution
Stipulation and Consent
Sanctions
Cease and Desist/Injunction
Sanction Details
ON OCTOBER 10, 1994, THE DEPARTMENT ISSUED A
FINAL ORDER INCORPORATING THE STIPULATION AND CONSENT
AGREEMENT, LAST DATED SEPTEMBER 28, 1994, ENTERED BETWEEN
RESPONDENT SLOAN AND THE DEPARTMENT. THE AGREEMENT IS TO
RESOLVE THE ALLEGATIONS MADE IN THE ADMINISTRATIVE COMPLAINT
ISSUED BY THE DEPARTMENT ON JUNE 1, 1994. WITHOUT ADMITTING OR
DENYING THE ALLEGATIONS, RESPONDENT SLOAN AGREES TO CEASE AND
DESIST FROM ANY AND ALL FUTURE VIOLATIONS OF FLORIDA LAW. THE
RESPONDENT AGREES TO NOT APPLY FOR REGISTRATION IN FLORIDA
PURSUANT TO CHAPTER 517, FLORIDA STATUTES, FOR A PERIOD OF ONE
YEAR FROM THE DATE OF THIS FINAL ORDER.
Broker Comment
AS A REGISTERED REPRESENTATIVE OF LF THOMPSON,MYSELF AND TWENTY OTHER BROKERS WERE GIVEN AUTHORIZATION BY OUR
PRINCIPALS TO SELL SECURITIES IN THE STATE OF FLORIDA BEGINNING IN AUG 1988. WE WERE TOLD THAT WE WERE NOW LICENSED AGENTS IN THAT STATE & THAT THE FIRM'S STOCKS WERE REGISTERED THERE AS WELL. IN FACT, OUR PRIN OK`D THE TRADES & SIGNED THE TRADE TICKETS BEFORE THEY WERE RAN. SIX YEARS AFTER THE SUPPOSED ALLEGATIONS TOOK PLACE &
FIVE YEARS AFTER THE FIRM SHUT DOWN, THE DEPARTMENT OF BANKING & FINANCE DECLARED THAT ALL 21 OF US WERE IN VIOLATION FOR SELLING PARTICULAR SECURITIES WHILE UNREGISTERED REPS ONLY DURING THE MONTH OF AUGUST 1988.