ILLINOIS

FRANK T. DEVINE IS PERMANENTLY PROHIBITED FROM OFFERING OR SELLING SECURITIES IN OR FROM THE STATE OF ILLINOIS.

Other

FRANK T. DEVINE IS PERMANENTLY PROHIBITED FROM OFFERING OR SELLING SECURITIES IN OR FROM THE STATE OF ILLINOIS.

PERMANENT PROHIBITION, BEGINING ON 12/12/2006

NASD

SECTION 10(B) OF THE SECURITIES EXCHANGE ACT OF 1934, SEC RULE 10B-5, NASD RULES 2110, 2120, 8210 - FRANK DEVINE OPERATED FRAUDULENT INVESTMENT SCHEMES THAT MISREPRESENTED THE REALITY OF THE SCHEMES AND DEFRAUDED INDIVIDUALS OUT OF APPROXIMATELY $2.9 MILLION; DEVINE CONVERTED THE FUNDS TO HIS PERSONAL USE IN MANY INSTANCES. DEVINE DIRECTLY USED THE MAILS OR OTHER INSTRUMENTS OF INTERSTATE COMMERCE OR THE FACILITIES OF A NATIONAL EXCHANGE TO EMPLOY A DEVICE, SCHEME OR ARTIFICE TO DEFRAUD, AND ENGAGED IN ACTS, PRACTICES AND COURSES OF BUSINESS THAT OPERATED AS A FRAUD OR DECEIT UPON PERSONS IN CONNECTION WITH THE PURCHASE OR SALE OF SECURITIES; DEVINE TOLD INDIVIDUALS THAT FUNDS HE RECEIVED WOULD BE USED TO INVEST IN INITIAL PUBLIC OFFERINGS. DEVINE CONVERTED APPROXIMATELY $1.3 MILLION OF INVESTORS' FUNDS FOR HIS PERSONAL USE WHILE REGISTERED WITH HIS MEMBER FIRM. DEVINE FAILED TO APPEAR FOR NASD ON-THE-RECORD TESTIMONY OR TO RESPOND TO NASD REQUEST FOR DOCUMENTS.

Acceptance, Waiver & Consent(AWC)

Bar

WITHOUT ADMITTING OR DENYING THE FINDINGS, DEVINE CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THEREFORE, HE IS BARRED FROM ASSOCIATION WITH ANY NASD MEMBER IN ANY CAPACITY.

NASD

RESPONDENT FAILED TO PAY FINES AND/OR COSTS OF $21,146.90 IN CONNECTION WITH NASD CASE #C8A990026.

Other

Revocation/Expulsion/Denial

NASD REGISTRATION REVOKED FOR FAILURE TO PAY FINES AND/OR COSTS.

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

NASD RULES 2110 AND 3040 IN THAT RESPONDENT DEVINE ENGAGED IN PRIVATE SECURITIES TRANSACTIONS AND FAILED TO PROVIDE PRIOR WRITTEN NOTICE TO HIS MEMBER FIRM AND TO OBTAIN PRIOR WRITTEN AUTHORIZATION FROM THE FIRM TO ENGAGE IN SUCH TRANSACTIONS.

Decision

Monetary/Fine

$34,825.42

Suspension

REQUIRED TO REQUALIFY BY EXAM AS AN INVESTMENT COMPANY AND VARIABLE CONTRACTS PRODUCTS REPRESENTATIVE AND ORDERED TO PAY COSTS.

SEC ORDERED ON OCTOBER 30, 2002, THAT THE DISCIPLINARY ACTION TAKEN BY NASD AGAINST RESPONDENT DEVINE AND THE COSTS ASSESSED, BE, AND THEY HEREBY ARE, SUSTAINED. THE SEC UPHELD THE SANCTIONS IMPOSED BY THE NAC, INCLUDING A 90-DAY SUSPENSION, A $34,825.42 FINE, AND A REQUALIFICATION REQUIREMENT. IF NO FURTHER ACTION, DECISION WILL BECOME FINAL ON DECEMBER 30, 2002. * THE DECESION IS NOW FINAL. THE SUSPENSION EFFECTIVE WITH THE OPENING OF BUSINESS ON FEBRUARY 18, 2003, AND WILL END AT THE CLOSE OF BUSINESS ON MAY 18, 2003.

A DECISION WAS REACHED ON JUNE 13, 2000. I WAS TO BE FINED 34825.42, SUSPENDED FROM ASSOCIATION WITH ANY N.A.S.D. MEMBER IN ANY CAPACITY FOR FORTY DAYS, AND REQUIRED TO REQUALIFY BY EXAM AS AN INVESTMENT COMPANY AND VARIABLE CONTRACTS PRODUCTS REPRESENTATIVE, AND ASSESSED COSTS OF 1414.28. THE CASE HAS SINCE BEEN CALLED FOR REVIEW. *UPDATE: THE SEC UPHELD SANCTIONS. THE SUSPENSION WAS RAISED FROM FORTY DAYS TO NINETY DAYS AND I AM TO REQUALIFY AS A INVESTMENT COMPANY AND VARIABLE CONTRACTS PRODUCTS REPRESENTATIVE.

ILLINOIS SECURITIES DEPARTMENT

RESPONDENTS THE PROFESSIONAL FINANCIAL SERVICE GROUP, INC. AND FRANK T. DEVINE, SOLD TO ILLINOIS RESIDENTS AN INVESTMENT OPPORTUNITY UNDER WHICH AN INVESTOR LOANS A CALIFORNIA COMPANY BY THE NAME OF PCO, INC. D/B/A PERSONAL CHOICE OPPORTUNITIES, MONEY FOR ONE YEAR TO BE USED BY PCO TO PURCHASE AT 50% OF FACE VALUE GROUP LIFE INSURANCE POLICIES FROM INSURED PERSONS SUFFERING FROM TERMINAL ILLNESS AND HAVING SIX MONTHS OR LESS TO LIVE, WHICH PURCHASED LIFE INSURANCE POLICIES ARE THEN HELD BY AN ESCROW AGENT AS COLLATERAL FOR THE REPAYMENT OF THE INVESTOR'S LOAN AT MATURITY TOGETHER WITH 21-25% INTEREST. NEITHER RESPONDENT NOR SECURITY WAS REGISTERED IN THE STATE OF ILLINOIS.

Consent

CONSENT ORDER OF PROHIBITION ISSUED NOVEMBER 10, 1997. RESPONDENTS ARE PROHIBITED FROM ISSUING, OFFERING OR SELLING ANY SECURITIES IN OR FROM THE STATE OF ILLINOIS, EXCEPT IN COMPLIANCE WITH THE PROVISIONS OF THE ACT.

SOLD VIALICALS UNAUTHORIZED IN STATE. THE INVESTIGATION WAS THE FALL ONTO OF MY TERMINATION FROM US LIFE EQUITIES FOR OUTSIDE BUSN ACTIVITIES.