FINRA

Respondent Winters failed to respond to FINRA request for information.

Letter

Bar (Permanent)

All capacities

Indefinite

6/23/2020

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated March 20, 2020 and April 13, 2020, respectively, on June 23, 2020, Winters is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

WEDBUSH SECURITIES, INC.

Discharged

EXERCISED DISCRETION WITHOUT PROPER DOCUMENTS ON FILE AND FAILURE TO COOPERATE WITH AN INTERNAL REVIEW.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC Admin Release 34-79460, December 2, 2016: The Securities and Exchange Commission ("Commission") deems it appropriate that cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 21C of the Securities Exchange Act of 1934 ("Exchange Act"), against Marc Winters ("Respondent"). The Commission finds that this involves insider trading by Respondent in the securities of GSI Commerce, Inc. ("GSI") in advance of the March 28, 2011 announcement that eBay, Inc. ("EBAY") had agreed to acquire GSI. In February 2011, Winters received information about the potential acquisition of GSI from his client. Winters' client had misappropriated this material nonpublic information in the context of his relationship of trust and confidence with his close friend, an executive at GSI. After learning this information from his client, Winters purchased GSI stock for two clients and then a small amount for himself. As a result of Winter's improper use of the information misappropriated by his client and shared with Winters, Respondent garnered trading profits of $4,170 for himself and approximately $14,000 for each of his two clients. By virtue of this conduct, Respondent violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.

Order

Cease and Desist

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

$31,944.00

Disgorgement

$4,103.00

Monetary Penalty other than Fines

$837.00

Respondent has submitted an Offer of Settlement (the "Offer") which the Commission has determined to accept. Winters violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. It is ORDERED that Respondent ceases and desists from committing or causing any violations and any future violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Winters shall pay disgorgement of $4,103, prejudgment interest of $837, and a civil money penalty in the amount of $31,944 to the Securities and Exchange Commission.

ILLINOIS

RESPONDENT'S REGISTRATION AS A SALESPERSON IN THE STATE OF ILLINOIS IS SUBJECT TO REVOCATION PURSUANT TO SECTION 8.E.(1)(J) OF THE ACT.

Order

RESPONDENT WILL HAVE HEIGHTENED SUPERVISION FOR A PERIOD OF ONE YEAR COMMENCING UPON HIS RETURN ON DECEMBER 19, 2009. THE RESPONDENT IS LEVIED COSTS OF INVESTIGATION IN THIS MATTER IN THE AMOUNT OF ONE THOUSAND FIVE HUNDRED DOLLARS ($1,500.00) WHICH HAS BEEN PAID. NOTICE OF HEARING DATED DECEMBER 9, 2009 IS DISMISSED.

THE FORMAL HEARING SCHEDULED ON THIS MATTER IS HEREBY DISMISSED WITHOUT FURTHER PRECEEDINGS. IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT DANIEL TUNICK (312) 793-3384.

NASD (N/K/A FINRA)

NASD RULES 2110 AND 3110: RESPONDENT MARC WINTERS MADE ENTRIES ON HIS MEMBER FIRM'S ELECTRONIC ORDER ENTRY SYSTEM WHICH FALSELY REPRESENTED THAT CERTAIN CUSTOMERS WERE DISABLED, WHEN, IN FACT, THEY WERE NOT. BY SUCH CONDUCT, WINTERS IMPROPERLY OBTAINED CONTINGENT DEFERRED SALES CHARGE ("CDSC") WAIVERS FOR MUTUAL FUND REDEMPTION TRANSACTIONS EFFECTED FOR THESE CUSTOMERS THAT THEY WERE NOT ENTITLED TO AND DEPRIVING MUTUAL FUND DISTRIBUTORS OF FEES THAT THEY WERE DUE. BY THIS ACTION, HE ALSO CAUSED THE BOOKS AND RECORDS OF HIS MEMBER FIRM RELATING TO MUTUAL FUND REDEMPTION TRANSACTION TO CONTAIN FALSE AND MISLEADING INFORMATION REGARDING DISABILITY STATUS OF THE CUSTOMERS AND THEIR ENTITLEMENT TO CDSC WAIVERS.

Decision

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

$19,882.00

Suspension

ANY CAPACITY

90 DAYS

9/21/2009

12/19/2009

HEARING PANEL DECISION RENDERED FEBRUARY 7, 2008, WHEREIN WINTERS WAS FINED $30,000 AND SUSPENDED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY FOR 30 BUSINESS DAYS. IN ADDITION, WINTERS MUST PAY COSTS IN THE AMOUNT OF $1,949.52. COSTS PAID IN FULL 10/21/2011. HEARING PANEL DECISION CALLED FOR REVIEW BY THE NAC ON MARCH 19, 2008. NAC DECISION RENDERED JULY 30, 2009 WHEREIN THE FINDINGS ARE AFFIRMED AND THE SANCTIONS IMPOSED BY THE HEARING PANEL ARE MODIFIED; THEREFORE, WINTERS IS FINED $19,882 AND SUSPENDED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY FOR 90 DAYS. IN ADDITION, WINTERS MUST PAY COSTS IN THE AMOUNT OF $1,949.52. DECISION BECAME FINAL ON SEPTEMBER 1, 2009. THE SUSPENSION IS IN EFFECT FROM SEPTEMBER 21, 2009 THROUGH DECEMBER 19, 2009.

HEARING PANEL DECISION RENDERED FEBRUAY 7, 2008, WHEREIN WINTERS WAS FINED $30,000 AND SUSPENSION FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY FOR 30 BUSINESS DAYS. IN ADDITION, WINTERS MUST PAY COSTS IN THE AMOUNT OF $1,949.52. HEARING PANEL DECISION CALLED FOR REVIEW BY THE NAC ON MARCH 19, 2008. NAC RENDERED JULY 30,2009 WHEREIN THE FINDINGS ARE AFFIRMED AND THE SANCTIONS IMPOSED BY THE HEARING PANEL ARE MODIFIED. THEREFORE, WINTERS IS FINED $19,882 AND SUSPENDED FROM ANY ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY FOR 90 DAYS. IN ADDITION, WINTERS MUST PAY COSTS IN THE AMOUNT OF $1,949.52. DECISION BECAME FINAL ON SEPTEMBER 1,2009. THE SUSPENSION IS IN EFFECT FROM SEPTEMBER 21, 2009 THROUGH DECEMBER 19, 2009.

UBS FINANCIAL INC

Discharged

INVESTIGATED POSSIBLE VIOLATION OF UBS POLICY ON PROVIDING ACCURATE CUSTOMER INFORMATION RELATING TO MUTUAL FUND SALES. CONCLUDED THAT POLICY WAS VIOLATED.

CLIENT'S COUNSEL ALLEGES THAT HER FINANCIAL ADVISOR RECOMMENDED AN INVESTMENT CONTRARY TO HER RISK TOLERANCE.

$5,680.00

THE LEVEL OF RISK WAS DISCUSSED WITH THE CUSOMER, AND SEVERAL DIFFERENT OPTIONS WERE AVAILABLE TO HER. SHE MADE THE FINAL DECISION AS TO WHICH EXACT INVESTMENTS WERE TO BE PURCHASED, INCLUDING THE WORLD COM BOND WHICH WAS AN A RATED BOND AT THE TIME. TO THE BEST OF MY KNOWLEDGE, SHE WAS AT ALL TIMES DURING OUR CONVERSATIONS AWARE OF THE PROS AND CONS OF THE INVESTMENT CHOICES.