FINRA

Without admitting or denying the findings, Daniel consented to the sanction and to the entry of findings that he failed to provide documents and information requested by FINRA during the course of an investigation into whether he made unsuitable recommendations to purchase securities to his member firm's customer.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

Indefinite

9/7/2018

Claimant alleges that FA made unsuitable investments between 2011 and 2015.

$225,000.00

CUSTOMER ALLEGES, INTER ALIA, THAT FINANCIAL ADVISOR FAILED TO FOLLOW HIS INSTRUCTION TO MOVE ALL OF HIS FUNDS TO A MONEY MARKET ACCOUNBT ON FEBRUARY 22, 2001.

$35,000.00

CLIENT ALLEGES THAT ACCOUNT INVESTMENTS WERE NOT SUITABLE. AFTER REVIEW, THE COMPLAINT WAS FOUND WITHOUT MERIT.

$50,000.00

SUITABILITY. ACTUAL/COMPENSATORY DAMAGES, ASKED AMOUNT $10,000.00

$10,000.00

$8,750.00

ACTUAL/COMPENSATORY DAMAGES, RELIEF HAS BEEN AWARDED (PARTIAL OR FULL), AWARD AMOUNT $8,750.00 JOINTLY AND SEVERALLY. Not Provided

ALLEGATIONS: LOSS OF $10,109

$10,109.00

$19,620.00

SETTLED FOR 19,620 HIS MATTER RESULTED FROM THE UNPRECEDENTED, UNSOLICITED MAILINGS OF CLAIM FORMS BY PSI TO OVER 340,000 INVESTORS WHO PURCHASED LIMITED PARTNERSHIPS THROUGH PSI FROM 1.1.00 TO 1.1.92 [CUSTOMER] SUMMITED A CLAIM FORM IN RESPONSE TO THIS MAILING, WHICH WAS EVALUATED BY PSI IN ACCORDANCE WITH THE STANDARDS ESTABLISHED UNDER THE SETTLEMENT BETWEEN PSI, THE SEC NASD AND THE STATE SECURITIES REGULATORS.

THE ABOVE REFERENCED CLIENT HAS SUBMITTED A CLAIM FORM TO THE CLAIMS RESOLUTION PROCESS RELATING TO THE PURCHASE OF LIMITED PARTNERSHIP IN 1/84. THE ABOVE MENTIONED REGISTERED REPRESENTATIVE WAS THE BROKER OF RECORD AT THE TIME OF THE PURCHASE. NO DAMAGES WERE ALLEGED BUT THE APPROXIMATE AMOUNT OF ACTUAL LOSS (OUT-OF-POCKET) IS: $30,470

$30,470.00

$53,770.00

A SETTLEMENT FOR THE ABOVE CLIENT HAS BEEN REACHED IN THE CLAIMS RESOLUTION PROCESS. THE APPROXIMATE DOLLAR AMOUNT OF THE SETTLEMENT IS AS FOLLOWS: $53,770 THIS MATTER RESULTED FROM THE UNPRECEDENTED, UNSOLICITED MAILING OF CLAIM FORMS BY PSI TO OVER 340,000 INVESTORS WHO PURCHASED LIMITED PARTNERSHIPS THROUGH PSI FROM JANAURY 1, 1980 TO JANAURY 1, 1991. THE ABOVE REFERENCED CLIENT SUBMITTED A CLAIM FORM IN RESPONSE TO THIS MAILING. THE CLAIM FORM WAS EVALUATED BY PSI IN ACCORDANCE WITH THE STANDARDS ESTABLISHED UNDER THE SETTLEMENT BETWEEN PSI, THE SEC, NASD AND THE STATE SECURITIES ADMINISTRATORS. THE REPORTED SETTLEMENT AROSE OUT OF THIS UNIQUE PROCESS.

CLIENTS ALLEGE MISHANDLING, MISREPRESENTATION, FRAUD, NEGLIGENCE AND UNSUITABLE RECOMMENDATIONS IN CONNECTION WITH THE 1991 PURCHASE OF $116,522.65 OF YORK CORPORATION STOCK. ALLEGED DAMAGES CLAIMED ARE $122,331.21 PLUS PUNITIVE DAMAGES

$122,331.21

$30,000.00

CASE SETTLED FOR $30,000. THIS WAS A "SINGLE BEST IDEA" OF PRUDENTIAL SECURITIES WHERE THESE PEOPLE BOUGHT THE STOCK. I HAD INVESTED [CUSTOMERS] MONEY, AND HAD SON'S MONEY, IN GOVERNMENT BONDS AND PUBLIC UTILITIES. WHEN SHE COMPLAINED THAT HER ASSETS WERE NOT APPRECIATING ENOUGH I SHOWED HER SEVERAL PRUDENTIAL RECOMMENDATIONS. SHE SELECTED YORK RESEARCH FOR HERSELF AND HER SON PUTTING MORE MONEY IN IT THAN I ADVISED HER TO. THE STOCK THEN FELL 80% IN PRICE, PRUDENTIAL NEVER RECOMMENDED SELLING IT. [CUSTOMER] SUED.

ARBITRATION SETTLEMENT. CLIENT ALLEGES THE UNAUTHORIZED SALE OF J.C.PENNY STOCK IN 1991 AND THE UNAUTHORIZED AND MISREPRESENTED PURCHASE OF YORK RESEARCH IN 1991. DAMAGES ARE UNSPECIFIED BUT ARE BELIEVED TO BE IN EXCESS OF $10,000.

$10,000.00

NO PENALTIES OR FINES; A $10,000.00 SETTLEMENTTO CLIENT. CLIENT CAME TO ME, UNSOLICITED, WITH SEARS STOCK AS IRA TRANSFER AND WANTED PRUDENTIAL'S OPINION OF SEARS. PRUDENTIAL HAD A "SELL" RECOMMENDATION, WHICH I GAVE HER. THEN I GAVE HER RESEARCH ON 3 PRUDENTIAL RECOMMENDATIONS ASSET INVESTORS, 2) YORK RESEARCH, 3) PRUDENTIAL UTILITY FUND. SHE RED INFO, SOLD SEARS STOCK AND BOUGHT 1000 SHARES OF YORK RESEARCH. STOCK SUBSEQUENTLY ROSE TO SHORT-TERM PROFIT TARGET, SHE HELD ON, THEN STOCK FELL PRECIPITOUSLY, BECAUSE OF A CORPORATE LAWSUIT. NINE MONTHS LATER, [CUSTOMER] CLAIMED I HAD DONE UNAUTHORIZED SALE OF SEARS, AND PURCHASE OF YORK RESEARCH. COMPANY SETTLED FOR LESS THAN COURT COSTS ON SUCCESSFUL COURT DEFENSE.