FINRA

Respondent Shannon failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

any capacity

N/A

3/30/2016

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Shannon is suspended on March 30, 2016 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

FINRA

WITHOUT ADMITTING OR DENYING THE FINDINGS, SHANNON CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT HE ENGAGED IN TWO OUTSIDE BUSINESS ACTIVITIES WITHOUT FIRST PROVIDING WRITTEN NOTICE TO HIS MEMBER FIRM. THE FINDINGS STATED THAT SHANNON PARTICIPATED IN PRIVATE SALES OF $1,885,000 WORTH OF SECURITIES, INCLUDING SECURITIES ISSUED BY HIS TWO OUTSIDE BUSINESS ACTIVITIES. SHANNON DID NOT NOTIFY HIS FIRM OF OR OBTAIN ITS APPROVAL TO PARTICIPATE IN, ANY OF THE PRIVATE SECURITY SALES. THE FINDINGS ALSO STATED THAT SHANNON WILLFULLY FAILED TO REPORT ON HIS FORM U4 TWO BANKRUPTCY FILINGS IN A TIMELY MANNER AND COMPLETELY FAILED TO REPORT ANOTHER BANKRUPTCY.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$25,000.00

Disgorgement

$138,500.00

Suspension

ANY CAPACITY

TWO YEARS

9/2/2014

9/1/2016

INTEREST ON THE DISGORGEMENT AMOUNT. SHANNON UNDERSTANDS THAT THIS SETTLEMENT INCLUDES A FINDING THAT HE WILLFULLY OMITTED TO STATE A MATERIAL FACT ON A FORM U4, AND THAT UNDER SECTION 3(A)(39)(F) OF THE SECURITIES EXCHANGE ACT OF 1934 AND ARTICLE III, SECTION 4 OF FINRA'S BY-LAWS, THIS OMISSION MAKES HIM SUBJECT TO A STATUTORY DISQUALIFICATION WITH RESPECT TO ASSOCIATION WITH A MEMBER.