Initiated By
NASD
Allegations
NASD RULES 2110, 2330 - IVAN CID GONZALEZ RECOMMENDED PUBLIC CUSTOMERS PURCHASE VARIABLE UNIVERSAL LIFE INSURANCE PRODUCT WITHOUT HAVING REASONABLE GROUNDS FOR BELIEVING THAT THE INSURANCE POLICIES, AND THE RESULTING TRANSACTIONS, WERE SUITABLE FOR THE CUSTOMERS ON THE BASIS OF THEIR FINANCIAL SITUATION, INVESTMENT OBJECTIVES, AND NEEDS.
Resolution
Acceptance, Waiver & Consent(AWC)
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Sanctions
Suspension
Regulator Statement
WITHOUT ADMITTING OR DENYING THE FINDINGS, GONZALEZ CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, HE IS FINED $7,925.12 (WHICH INCLUDES DISGORGEMENT OF COMMISSIONS TOTALING $2,925.12 EARNED IN CONNECTION WITH THE RECOMMENDATIONS) AND SUSPENDED FROM ASSOCIATION WITH ANY NASD MEMBER IN ANY CAPACITY FOR 30 DAYS. THE FINE MUST BE PAID BEFORE GONZALEZ REASSOCIATES WITH ANY NASD MEMBER FOLLOWING THE SUSPENSION OR BEFORE REQUESTING RELIEF FROM ANY STATUTORY DISQUALIFICATION RESULTING FROM THIS OR ANY OTHER EVENT OR PROCEEDING, WHICHEVER IS EARLIER. THE SUSPENSION IN ANY CAPACITY IS IN EFFECT FROM SEPTEMBER 5, 2006 THROUGH OCTOBER 4, 2006. FINES PAID ON OCTOBER 20, 2006.
Broker Comment
WITHOUT ADMITTING OR DENYING THE FINDINGS, GONZALEZ CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, HE IS FINED $7,925.12 (WHICH INCLUDES DISGORGEMENT OF COMMISSIONS TOTALING $2,925.12 EARNED IN CONNECTION WITH THE RECOMMENDATIONS) AND SUSPENDED FROM ASSOCIATION WITH ANY NASD MEMBER IN ANY CAPACITY FOR 30 DAYS. THE FINE MUST BE PAID BEFORE GONZALEZ REASSOCIATES WITH ANY NASD MEMBER FOLLOWING THE SUSPENSION OR BEFORE REQUESTING RELIEF FROM ANY STATUTORY DISQUALIFICATION RESULTING FROM THIS OR ANY OTHER EVENT OR PROCEEDING, WHICHEVER IS EARLIER. THE SUSPENSION IN ANY CAPACITY IS IN EFFECT FROM SEPTEMBER 5, 2006 THROUGH OCTOBER 4, 2006. FINES PAID ON OCTOBER 20, 2006.