Initiated By
THE NASD REGULATION, INC.
Allegations
OSBORN IS SUBJECT TO A STATUTORY DISQUALIFICATION DUE TO A 1999 FELONY CONVICTION. ON MARCH 11, 1999, OSBORN PLEADED GUILTY TO OPERATING A MOTOR VEHICLE UNDER THE INFLUENCE OF LIQUOR IN THE THIRD DEGREE IN OAKLAND COUNTY, MICHIGAN. OSBORN'S CONVICTION WAS ELEVATED TO A FELONY BECAUSE IT WAS HIS THIRD OFFENSE WITHIN A 10-YEAR PERIOD. HE PREVIOUSLY PLEADED GUILTY TO TWO SEPARATE MISDEMEANORS OF OPERATING UNDER THE INFLUENCE OF LIQUOR ON AUGUST 23, 1990, AND ON AUGUST 25, 1995. OSBORN WAS SENTENCED TO TWO YEARS OF PROBATION WITH THE FIRST SIX MONTHS TO BE SERVED IN THE OAKLAND COUNTY JAIL, FOLLOWED BY ELECTRONIC MONITORING FOR SIX MONTHS. HE ALSO WAS ORDERED TO UNDERGO PERIODIC SUBSTANCE ABUSE TREATMENT AND TESTING, AND HIS DRIVING PRIVILEGES WERE REVOKED. OSBORNE WAS RELEASED FROM JAIL EARLY, ON JULY 23, 1999, AND HE IS NOW ON ELECTRONIC MONITORING UNTIL JANUARY 23, 2000.
Resolution
Decision
Sanctions
+01/03/2000 RECEIVED NOTIFICATION FROM THE NASD OFFICE OF GENERAL COUNSEL THAT THE APPLICATION FOR REGISTRATION OF DOUGLAS C OSBORNE AS A GENERAL SECURITIES REPRESENTATIVE OF LEONARD & COMPANY WAS DENIED EFFECTIVE DECEMBER 30, 1999. NASD NOTIFIED THE SEC OF THIS DENIAL, PURSUANT TO RULE 19(D) OF THE SECURITIES EXCHANGE ACT OF 1934.
Sanction Details
THE ASSOCIATION OF DOUGLAS C OSBORNE AS A GENERAL SECURITIES REPRESENTATIVE WITH LEONARD & COMPANY WAS DENIED.
Broker Comment
01/03/2000 RECEIVED NOTIFICATION FROM THE NASD OFFICE OF GENERAL COUNSEL THAT THE APPLICATION FOR REGISTRATION OF DOUGLAS C. OSBORN AS A GENERAL SECURITIES REPRESENTATIVE OF LEONARD & CO. WAS DENIED EFFECTIVE DECEMBER 30,1999. NASD NOTIFIED THE SEC OF THIS DENIAL, PERSUANT TO RULE 19(D) OF THE SECURITIES EXCHANGE ACT OF 1934. OSBORN IS SUBJECT TO A STATUTORY DISQUALIFICATION DUE TO A 1999 FELONY CONVICTION. ON MARCH 1, 1999, OSBORN PLEADED GUILTY TO OPERATING A MOTOR VEHICLE UNDER THE INFLUENCE OF LIQUOR IN THE THIRD DEGREE IN OAKLAND COUNTY, MI. IT WAS ELEVATED TO A FELONY BECAUSE IT WAS HIS THIRD OFFENSE WITHIN A 10 YEAR PERIOD. HE PREVIOUSLY PLEAD GUILTY TO TWO SEPARATE MISDEMEANORS OF OPERATING UNDER THE INFLUENCE OF LIQUOR ON AUGUST 23, 1990, AND ON AUGUST 25, 1995. ON OCTOBER 1, 1999, A SUBCOMMITTEE OF THE STATUTORY DISQUALIFICATION COMMITTEE OF NASD REGULATION, INC. HELD A HEARING ON THE MATTER. OSBORN APPEARED AND WAS ACCOMPANIED BY HIS COUNSEL, BY HIS PROPOSED SUPERVISOR, DONALD M. LEONARD, THE PRESIDENT OF LEONARD & CO., AND BY MR. MICHAEL F. ABRAMSKY, WHO TESTIFIED ON HIS BEHALF. THE COMMITTEE RECOMMENDED THAT THE APPLICATION BE DENIED. IT FOUND THAT DUE TO THE RECENCY OF OSBORN'S FELONY CONVICTION AND THE FACT THAT HE IS STILL SERVING PROBATION, IT WOULD NOT BE IN THE PUBLIC INTEREST AT THIS TIME TO PERMIT HIS ASSOCIATION WITH THE FIRM. ACCORDINGLY, THE NATIONAL ADJUDICATORY COUNCIL ISSUED A DENIAL TO PERMIT ASSOCIATION OF DOUGLAS OSBORN AS A GENERAL SECURITIES REPRESENTATIVE OF LEONARD & COMPANY.