Michigan

Respondent James Bylenga, as a person who advised others for compensation on the advisability of investing in, purchasing, or selling securities, engaged in an act, practice, or course of business that operated or would operate as a fraud or deceit on Michigan clients by making unauthorized withdrawals from client accounts for his benefit, and then attempting to portray the withdrawals as authorized loans when, in fact, they were not, contrary to section 502(1) of the Securities Act, MCL 451.2502(1).

Administrative Consent Agreement and Order

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

$2,000.00

FINRA

Without admitting or denying the findings, Bylenga consented to the sanction and to the entry of findings that he refused to produce documents and information requested by FINRA during the course of an investigation that commenced after his former member firm amended his Form U5 reporting that it had initiated an internal review to determine if Bylenga received loans from his client(s) while associated with the firm.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

4/5/2019

Personal representative of the customers allege that their funds were inappropriately received by the FA as loans.

$175,000.00

$210,000.00

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

Consent

Monetary/Fine

$3,000.00

Censure

AWC LETTER COPY OF LETTER OF ACCEPTANCE, WAIVER AND CONSENT CHI-1199-AWC ON OR ABOUT NOVEMBER 8, 1988 TO DECEMBER 22, 1988, CENTENNIAL, ACTING THROUGH BYLENGA, EFFECTED 57 TRANSACTIONS IN WHICH IT SOLD TO CUSTOMERS, AS PRINCIPAL, CERTAIN MUNICIPAL SECURITIES, AS SET FORTH FULL IN EXHIBIT A IN WHICH EACH OF THE TRANSACTIONS ON EXHIBIT A, THE AGGREGATE PRICE WAS NOT FAIR AND REASONABLE TAKING INTO CONSIDERATION ALL RELEVANT CIRCUMSTANCES. JAMES BYLENGA CONSENTED TO PENALTIES OF CENSURE AND A FINE OF $3,000 JOINTLY AND SEVERALLY.