FINRA

NASD RULE 2110 - CHAD DUNCAN, WITHOUT PERMISSION OR AUTHORITY, USED $100,000 DRAWN FROM AN ELDERLY PERSON'S BANK ACCOUNT TO PAY HIS PERSONAL CREDIT CARD EXPENSES, RELATED TO COSTS ASSOCIATED WITH THE CONSTRUCTION OF HIS HOME. WHEN THE EXECUTOR OF THE DECEASED WOMAN'S ESTATE BECAME CONCERNED ABOUT THE WITHDRAWALS TOTALING $100,000, DUNCAN CREATED FICTITIOUS CASHIER'S CHECKS TOTALING $100,000 AND PAYABLE TO CHARITIES, FALSELY REPRESENTING THAT THE CHECKS REPRESENTED EVIDENCE OF THE PAYMENTS MADE BY THE DECEASED AND THE BENEFICIARIES OF THE PAYMENTS. THE WITHDRAWALS WERE EARLIER USED TO PURCHASE CASHIER'S CHECKS PAYABLE TO AN INTERNATIONAL COMMERCIAL BANK TO PAY DOWN DUNCAN'S CREDIT CARD EXPENSES. A BANK COMPENSATED THE CUSTOMER FOR THE FUNDS WRONGFULLY TAKEN AND DUNCAN HAS REIMBURSED THE BANK APPROXIMATELY $91,484.75 AND CONTINUES TO MAKE MONTHLY PAYMENTS TO COVER THE AMOUNTS THE BANK PAID TO THE CUSTOMER.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

11/5/2010

WITHOUT ADMITTING OR DENYING THE FINDINGS, DUNCAN CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THEREFORE, HE IS BARRED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY.