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In the Matter of the Association of X as a General Securities Representative with the Sponsoring Firm

SD11007 (2001)

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In the Matter of the Association of X as a General Securities Representative with the Sponsoring Firm

Financial Industry Regulatory Authority National Adjudicatory Council
SD11007 (2001)

  • Written by Sharon Feldman, JD

Facts

X (defendant) was statutorily disqualified from being associated with a Financial Industry Regulatory Authority (FINRA) (plaintiff) member firm based on a letter of acceptance, waiver, and consent finding that X failed to disclose two adverse civil judgments on his Uniform Application for Securities Industry Registration or Transfer five times and to notify his firm of his participation in private securities transactions. X was fined and suspended for six months. A sponsoring firm (the firm) filed an application seeking to permit X to associate with the firm as a general securities representative. The firm proposed that X be supervised by an individual (the PS) who was a general securities representative and principal and an options principal, had passed the uniform securities-agent law and investment-adviser law examinations, had been associated with three other firms, supervised another individual, and would not be compensated by overrides from X’s transactions.

Rule of Law

Issue

Holding and Reasoning ()

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Securities Regulation

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