NASD

SECTION 10(B) OF THE SECURITIES EXCHANGE ACT, RULE 10B-5 THEREUNDER, NASD RULES 2110, 2120, 2330(A), 2330(E) - ON OR ABOUT DECEMBER 8, 2004, RESPONDENT GAVE PUBLIC CUSTOMERS A SIGNED LETTER GUARANTEEING THAT THEIR JOINT ACCOUNT VALUE WOULD EQUAL OR EXCEED $85,000 BY MARCH 15, 2005. IN THE SIGNED LETTER, RESPONDENT ALSO AGREED TO PAY ANY DEFICIENCY IN THE ACCOUNT IF THE ACCOUNT VALUE WAS BELOW $85,000 AS OF MARCH 15, 2005. IN EARLY MARCH 2005, RESPONDENT INSTRUCTED PUBLIC CUSTOMERS TO WRITE CHECKS TOTALING $110,000 PAYABLE TO ANOTHER PUBLIC CUSTOMER. RESPONDENT REPRESENTED THAT THE MONEY WOULD BE INVESTED IN A BOND FUND, HOWEVER THE FUNDS WERE NEVER INVESTED AS PROMISED. INSTEAD, RESPONDENT GAVE THE CHECKS TO A CUSTOMER IN AN ATTEMPT TO SATISFY HIS PREVIOUS GUARANTEE AGAINST LOSS WITHOUT HIS MEMBER FIRM'S KNOWLEDGE OR CONSENT. BY REPRESENTING TO CUSTOMERS THAT THEIR FUNDS WOULD BE UTILIZED AS AN INVESTMENT IN A BOND FUND, RESPONDENT MADE AN UNTRUE STATEMENT OF MATERIAL FACT BY USE OF FRAUDULENT MEANS OR ARTIFICES N CONNECTION WITH THE PURCHASE OR SALE OF SECURITIES.

Decision & Order of Offer of Settlement

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

NEW YORK STOCK EXCHANGE DIVISION OF ENFORCEMENT

** 8/18/05**CHARGES ISSUED BY NYSE DIVISION OF ENFORCEMENT AND PENDING CHARGES:CHARGE I PLASE MICHAEL TANSIL, BY REASON OF THE FACTS SET FORTH IN THE STATEMENT OF FACTS AND EXPLANATION, ENGAGED IN CONDUCT INCONSISTENT WITH JUST AND EQUITABLE PRINCIPLES OF TRADE IN THAT HE CAUSED ONE OR MORE CUSTOMERS TO SIGN ACCOUNT DOCUMENTATION WHEN SUCH DOCUMENTATION WAS BLANK, AND HE IS, THEREFORE, SUBJECT TO DISCIPLINE PURSUANT TO EXCHANGE RULE 476(A).CHARGE II PLASE MICHAEL TANSIL, BY REASON OF THE FACTS SET FORTH IN THE STATEMENT OF FACTS AND EXPLANATION, CAUSED ONE OR MORE VIOLATIONS OF SECTION 17(A) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES 17A-3 AND 17A-4 THEREUNDER, AND EXCHANGE RULE 440, IN THAT HE CAUSED OR PERMITTED THE BOOKS AND RECORDS OF HIS MEMBER FIRM EMPLOYER TO REFLECT INACCURATE INFORMATION ABOUT ONE OR MORE CUSTOMERS, AND HE IS, THEREFORE, SUBJECT TO DISCIPLINE PURSUANT TO EXCHANGE RULE 476(A).CHARGE III PLASE MICHAEL TANSIL, BY REASON OF THE FACTS SET FORTH IN THE STATEMENT OF FACTS AND EXPLANATION, ENGAGED IN CONDUCT INCONSISTENT WITH JUST AND EQUITABLE PRINCIPLES OF TRADE IN THAT, BY FILLING OUT CUSTOMER NEW ACCOUNT DOCUMENTATION, OR CAUSING IT TO BE FILLED OUT, WITH INACCURATE INFORMATION, HE CAUSED HIS MEMBER FIRM EMPLOYER TO FAIL TO LEARN ESSENTIAL FACTS ABOUT ONE OR MORE CUSTOMERS, AND HE IS, THEREFORE, SUBJECT TO DISCIPLINE PURSUANT TO EXCHANGE RULE 476(A).CHARGE IV PLASE MICHAEL TANSIL, BY REASON OF THE FACTS SET FORTH IN THE STATEMENT OF FACTS AND EXPLANATION, VIOLATED EXCHANGE RULE 352(B) IN THAT HE GUARANTEED ONE OR MORE CUSTOMERS A PROFIT, AND HE IS, THEREFORE, SUBJECT TO DISCIPLINE PURSUANT TO EXCHANGE RULE 476(A).**CONTINUED AT 12C**

Decision

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**9/18/06**HEARING PANEL DECISION ISSUED HPD 06-43 HEARING PANEL DECISION:RESPONDENT VIOLATED SECTION 17(A) OF THE SECURITIES EXCHANGE ACT OF 1934, RULES 17A-3 AND 17A-4 THEREUNDER, AND NYSE RULE 440 BY CAUSING OR PERMITTING THE BOOKS AND RECORDS OF HIS MEMBER FIRM EMPLOYER TO REFLECT INACCURATE CUSTOMER INFORMATION;VIOLATED NYSE RULE 476(A)(6) BY INACCURATELY FILLING OUT CUSTOMER INFORMATION, ENGAGING IN UNSUITABLE TRADING IN CUSTOMER ACCOUNTS, FAILING TO ADEQUATELY DISCLOSE THE RISKS OF THE INVESTMENT STRATEGY THAT HE WAS RECOMMENDING TO CUSTOMERS OR MAKING MISSTATEMENTS ABOUT SUCH RISKS, INVESTMENTS OR STRATEGIES, FAILING TO FOLLOW CUSTOMER INSTRUCTIONS AND UTILIZING MARGIN WITHOUT CUSTOMER AUTHORIZATION; VIOLATED NYSE RULE 723 BY RECOMMENDING ONE OR MORE OPENING OPTIONS TRANSACTIONS WITHOUT HAVING A REASONABLE BASIS FOR BELIEVING THAT THE CUSTOMER HAD SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL MATTERS THAT THE CUSTOMER MIGHT REASONABLY BE EXPECTED TO BE CAPABLE OF EVALUATING RISKS OF THE RECOMMENDED TRANSACTION OR BE FINANCIALLY ABLE TO BEAR THE RISKS OF THE RECOMMENDED OPTIONS POSITION;VIOLATED NYSE RULE 408(A) BY EXERCISING DISCRETIONARY POWER IN CUSTOMER ACCOUNTS WITHOUT FIRST OBTAINING THE CUSTOMERS' WRITTEN AUTHORIZATION; AND VIOLATED NYSE RULE 352(C) BY SHARING OR AGREEING TO SHARE IN CUSTOMER LOSSES. CENSURE AND A FIVE-YEAR BAR