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60 CALENDAR DAY SUSPENSION WITH CREDIT GIVEN FOR 30 CALENDAR DAYS. 30 DAY SUSPENSION COMMENCED 02/01/2006.
7/22/2004
Regulatory
Final
Initiated By
NASD
Allegations
NASD CONDUCT RULE 2110 - RESPONDENT ROSEEN AFFIXED THE SIGNATURE OF A PUBLIC CUSTOMER ON INSURCE SWITCH LETTERS AND SUBMITTED THE LETTERS TO HIS MEMBER FIRM WITHOUT THE CUSTOMER'S KNOWLEDGE AND CONSENT; AND, AFFIXED THE SIGNATURES OF PUBLIC CUSTOMERS ON SWITCH LETTERS IN CONNECTION WITH SALES AND PURCHASES OF MUTUAL FUNDS, SUBMITTED THE LETTERS TO HIS FIRM WHILE FAILING TO INFORM ANYONE AT THE FIRM THAT HE HAD SIGNED THE CUSTOMERS' NAMES TO THE DOCUMENTS.
Resolution
Decision & Order of Offer of Settlement
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Sanctions
Suspension
Regulator Statement
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, RESPONDENT CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, HE IS FINED $5,000 AND SUSPENDED FROM ASSOCIATION WITH ANY NASD MEMBER FIRM IN ANY CAPACITY FOR 60 DAYS. THE SUSPENSION SHALL COMMENCE ON FEBRUARY 22, 2005, AND WILL CONCLUDE ON APRIL 22, 2005. FINES PAID.
Broker Comment
ALL OF MY ACTIONS WERE AUTHORIZED BY MY CLIENTS PRIOR TO EXECUTION.
4/1/2003
Employment Separation After Allegations
Firm Name
BANC ONE SECURITIES CORP
Termination Type
Discharged
Allegations
SIGNED A CUSTOMER NAME TO A SWITCH LETTER
Broker Comment
A CUSTOMER OF 4 YEARS DECIDED THAT HE WANTED TO MOVE HIS ASSETS FROM STOCKS TO BONDS. A TRADE WAS PLACED A FUND THAT DIDN'T HAVE ANY BOND OPTIONS. A SWITCH LETTER WAS SENT TO CLIENT DOCUMENTING TRADE AND REQUESTING A SIGNATURE. A FOLLOW UP CALL WAS PLACED TO CLIENT IN REGARDS TO GETTING A SIGNATURE ON THE SWITCH LETTER AND MR. ROSEEN ASKED IF HE COULD EXECUTE THE SWITCH LETTER ON THE CLIENT'S BEHALF AND THE CLIENT AUTHORIZED THAT. HENCE, MR. ROSEEN PROCEEDED TO SIGN THE CLIENT'S NAME TO THE SWITCH LETTER.
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.
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.