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ON NOVEMBER 15, 2006, THE FIRM SUBMITTED TO THE DISTRICT OF COLUMBIA APPLICATIONS, ALONG WITH THE ACCOMPANYING NOTARIZED INVESTMENT ADVISER AFFIDAVIT, ON BEHALF OF WALLACE IN THE DISTRICT IN CONNECTION WITH THE RELOCATION TO THE FIRM'S OFFICE LOCATED IN THE DISTRICT. IN RESPONDING TO THE QUESTIONS ON THE REPRESENTATIVE AFFIDAVIT, THE FIRM ANSWERED THAT THE INDIVIDUAL HAD IN FACT TRANSACTED INVESTMENT ADVISORY SERVICES WITH DISTRICT RESIDENTS WHILE EMPLOYED WITH THE FIRM AND AFTER RELOCATING TO AN OFFICE LOCATED IN THE DISTRICT WITHOUT FIRST HAVING OBTAINED AN INVESTMENT ADVISER REPRESENTATIVE LICENSE FROM THE DISTRICT.
Resolution
Order
Sanctions
Monetary/Fine
Amount
$1,000.00
Sanction Details
THE AMOUNT SHALL BE PAID NO LATER THAN 30 DAYS FROM THE DATE OF THIS ORDER. IF PAYMENT IS NOT MADE AS AGREED, THE COMMISSIONER MAY VACATE THIS ORDER, AT HIS SOLE DISCRETION, UPON 10 DAYS NOTICE TO RESPONDENTS.
*************** $1,000 FINE PAID ON 8/5/08 - CHECK NO. 1449351
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.