Weber was named in a customer complaint that asserted the following causes of action: violation of FINRA suitability rules; violation of FINRA Rule 2010; breach of fiduciary duty; and violation of California Elder Abuse and Dependent Adult Civil Protection Act.

$150,000.00

The award against Weber was stayed through the United States Bankruptcy Court for the Eastern District of Virginia, Case #21-70215.

FINRA

Without admitting or denying the findings, Weber consented to the sanction and to the entry of findings that he failed to appear and refused to provide on-the-record testimony requested by FINRA in connection with its investigation into allegations that he made unsuitable recommendations and executed unauthorized trades in a customer account.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

Indefinite

9/5/2018

DIVISION OF SECURITIES AND RETAIL FRANCHISING STATE OF VIRGINIA

SUSPENDED BY FINRA FROM 2/19/2008 TO 5/18/2008 DUE TO SALES PRACTICE VIOLATIONS. VIRGINIA IMPOSED AN ADDITIONAL BAN ON REGISTRATION FOR 12 MONTHS FROM THE END OF THE FINRA SUSPENSION.

ALLOWED TO REAPPLY BEGINNING ON 5/19/2009

Denial

UNABLE TO REGISTER FOR 12 MONTHS BEGINNING ON 5/18/2008

UNDER THE DIVISION'S GUIDELINES AN AGENT WHO HAS HAD A REGULATORY SUSPENSION FOR SALES PRACTICE VIOLATIONS CANNOT BE REGISTERED FOR A PERIOD OF TWELVE MONTHS FROM THE COMPLETION OF HIS SUSPENSION. REGULATORY SUSPENSION IMPOSED BY FINRA FROM 2/19/2008 TO 5/18/2008 (DOCKET/CASE # 20070094114). ELIGIBLE TO REAPPLY ON MAY 19, 2009.

FINRA

NASD RULES 2110 AND 2510(B): IN JULY 2005, RESPONDENT WEBER EXECUTED ONE UNAUTHORIZED SALE AND ONE UNAUTHORIZED PURCHASE IN THE ACCOUNT OF A PUBLIC CUSTOMER. THE PROCEEDS OF THE UNAUTHORIZED SALE OF A CLOSED-END VALUE FUND WAS USED FOR THE PURCHASE OF A CLOSED-END MUTUAL FUND. FROM SEPTEMBER 2003 THROUGH SEPTEMBER 2005, WEBER PLACED TEN UNAUTHORIZED TRADES IN ANOTHER CUSTOMER'S ACCOUNT. IN TOTAL, WEBER EXECUTED TWELVE UNAUTHORIZED TRANSACTIONS IN THE ACCOUNTS OF TWO CUSTOMERS. WEBER OBTAINED ORAL DISCRETIONARY AUTHORITY AND EXECUTED TRANSACTIONS PURSUANT TO THIS AUTHORITY IN THREE ADDITIONAL CUSTOMER ACCOUNTS, HOWEVER HE DID NOT OBTAIN WRITTEN DISCRETIONARY AUTHORITY AND THE ACCOUNTS WERE NOT ACCEPTED BY THE FIRM AS DISCRETIONARY. WEBER OBTAINED DISCRETIONARY AUTHORITY FROM CUSTOMER WHO WAS A CLOSE FAMILY FRIEND. IN CONNECTION WITH THE DISCRETIONARY AUTHORITY, WEBER EXECUTED 123 DISCRETIONARY TRANSACTIONS IN THAT CUSTOMER'S ACCOUNT FROM APRIL 2004 THROUGH MAY 2005. SIMILARLY, WEBER OBTAINED DISCRETION FROM ANOTHER CUSTOMER AND EXERCISED DISCRETION ON THREE OCCASIONS IN JULY 2005. IN ADDITION, WEBER OBTAINED DISCRETIONARY AUTHORITY FROM A DIFFERENT CUSTOMER AND EXECUTED 39 DISCRETIONARY TRANSACTIONS IN HER ACCOUNTS FROM JULY 2002 THROUGH JANUARY 2006.

Acceptance, Waiver & Consent(AWC)

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

Suspension

WITHOUT ADMITTING OR DENYING THE FINDINGS, WEBER CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE HE WAS SUSPENDED FROM ASSOCIATION WITH ANY MEMBER IN ANY CAPACITY FOR THREE MONTHS AND FINED $10,888, OF WHICH $888 REPRESENTS DISGORGEMENT OF COMPENSATION RECEIVED FROM UNAUTHORIZED TRANSACTIONS, PAYABLE EITHER IMMEDIATELY UPON REASSOCIATION WITH A MEMBER FIRM FOLLOWING THE THREE MONTH SUSPENSION NOTED ABOVE, OR PRIOR TO ANY APPLICATION OR REQUEST FOR RELIEF FROM ANY STATUTORY DISQUALIFICATION RESULTING FROM THIS OR ANY OTHER EVENT OR PROCEEDING, WHICHEVER IS EARLIER. THE SUSPENSION IN ANY CAPACITY WILL BE IN EFFECT FROM FEBRUARY 19, 2008 THROUGH MAY 18, 2008. FINES PAID ON MARCH 12, 2010.