FINRA

RESPONDENT DEAN 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

1/13/2012

PURSUANT TO ARTICLE VI, SECTION 3 OF FINRA BY-LAWS AND FINRA RULE 9554, RESPONDENT DEAN IS SUSPENDED 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

WILLFUL VIOLATION OF SECTION 10(B) OF THE SECURITIES EXCHANGE ACT, SEC RULE 10B-5, FINRA RULES 2010, 2020, NASD RULES 2110, 2120; VIOLATION OF FINRA RULE 2010, NASD RULES 2110, 2310 - JOEY W. DEAN MADE MATERIAL MISREPRESENTATIONS AND/OR OMISSIONS TO CUSTOMERS, MANY WERE RETIRED OR ELDERLY, IN CONNECTION WITH THE SALE OF UNLISTED, STRUCTURED NOTE PRODUCTS; DEAN TOLD THE CUSTOMERS THAT THEIR PRINCIPAL WAS PROTECTED AND GUARANTEED A FIXED ANNUAL RATE OF RETURN WHICH WAS FALSE. DEAN ACTED WITH INTENT BECAUSE HE KNEW, OR SHOULD HAVE KNOWN, THAT HIS REPRESENTATIONS WERE CONTRARY TO THE DESCRIPTION OF THE SECURITIES CONTAINED IN PROSPECTUS DOCUMENTS. BECAUSE THE SECURITIES CEASED PAYING MONTHLY INCOME TO CUSTOMERS, DEAN SOLD SHARES OF THEIR INVESTMENTS TO GENERATE PROCEEDS TO ALLOW THEM TO MAKE THEIR ACCUSTOMED WITHDRAWALS, WITHOUT THE CUSTOMERS' AUTHORIZATION TO SELL SHARES AND DEAN DID NOT DISCLOSE THAT THE MONTHLY WITHDRAWALS WERE THE RESULT OF THE SALE OF SHARES. DEAN RECOMMENDED AND EFFECTED THE SALE OF THE SECURITIES WITHOUT HAVING A REASONABLE BASIS TO BELIEVE THE TRANSACTIONS WERE SUITABLE GIVEN THE FINANCIAL CIRCUMSTANCES AND CONDITION OF THE CUSTOMERS AS WELL AS THE RISK FACTORS ASSOCIATED WITH THE SECURITIES.

Decision

Bar (Permanent)

All Capacities

Indefinite

2/28/2011

AMENDED DEFAULT DECISION RENDERED JANUARY 31, 2011 WHEREIN DEAN WAS FOUND TO HAVE WILLFULLY VIOLATED SECTION 10(B) OF THE SECURITIES EXCHANGE ACT OF 1934, SEC RULE 10B-5, FINRA RULES 2010, 2020 AND NASD RULES 2110, 2120 BY MAKING MATERIAL MISREPRESENTATIONS IN THE SALE OF SECURITIES AND WAS BARRED FROM ASSOCIATING WITH ANY FINRA MEMBER IN ANY CAPACITY. DEAN WAS ALSO BARRED FOR UNAUTHORIZED TRADING IN VIOLATION OF FINRA RULE 2010 AND NASD RULE 2110. NO ADDITIONAL SANCTION WAS IMPOSED FOR UNSUITABLE RECOMMENDATIONS IN VIOLATION OF FINRA RULE 2010 AND NASD RULES 2110 AND 2330. DEPT. OF ENFORCEMENT DID NOT SEEK RESTITUTION BECAUSE DEAN'S FIRM SETTLED WITH THE CUSTOMERS. DECISION IS FINAL FEBRUARY 28, 2011.