NOTE:  Stipulation of Facts and Consent to Penalty (SFC), Offers of Settlement (OS) and Letters of Acceptance, Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions and to the entry of findings.

FINANCIAL INDUSTRY REGULATORY AUTHORITY
FINRA
2009
Forms U4, U5, and RE-3 and Rule 3070 Reports

Also see the Statutory Disqualification Index

VISIT WALL STREET'S LEADING ONLINE COMMUNITY
BrokeAndBroker.com

Nicolosi willfully failed to disclose material information on his Form U4. 

Michael Anthony Nicolosi: Barred

Sanctions imposed upon withdrawal of appeal to the National Adjudicatory Council 

King willfully failed to amend her Uniform Application for Securities Industry Registration or Transfer (Form U4) with material information, and failed to fully and timely respond to FINRA requests for information and documents. 

Valerie Elaine King: Fined $5,000; Suspended two concurrent two-year terms in all capacities

Vela willfully failed to update his Form U4 in a timely manner to disclose material information and failed to respond to FINRA requests for documents and information. 

Lorenzo Vela: Barred

Associated Person Speicher willfully failed to disclose material facts on his Form U4 and failed to provide information requested by FINRA. 

Kevin Joseph Speicher: Barred

Pfeffer willfully failed to disclose material facts on Forms U4. 

Jimmie Lee Pfeffer Jr.: Fined $5,000; Suspended 6 months

Guetzkow failed to disclose material information on his Form U4 and failed to appear for an on-the-record interview.

Christopher James Guetzkow: Barred

Fox failed to disclose material information on her Form U4. 

Pamela Kelley Fox: Fined $5,000; Suspended 3 months

Davidson willfully failed to update his Form U4 with material information. 

John Eugene Davidson: Barred

Crawford borrowed $25,000 from customers and obtained this loan notwithstanding the fact that his member firm had written procedures that prohibited borrowing from, or lending money to, customers. Crawford failed to update his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose material information. Crawford failed to respond to FINRA requests to appear for on-the-record testimony. 

Stephen Timothy Crawford: Fined $5,000; Suspended 2 years

Shave failed to update her Form U4 to disclose material facts and failed to respond to FINRA requests for information. 

Kathleen Ann Shave: Barred

Samei willfully failed to disclose material information on his Form U4 and subsequently failed to respond to FINRA requests for information. 

Robert Ahmad Samei: Barred

Associated Person Gardner willfully failed to disclose material facts on his Form U4 and failed to respond to FINRA requests for information. 

James Carlton Gardner II: Barred

Mitchell failed to timely amend his FormU4 to disclose material information. 

Robert Vincent Mitchell: Fined $5,000; Suspended 30 days

Associated Person Melton willfully failed to disclose material information on her Form U4 and failed to respond to FINRA requests for information. (FINRA Case #)

Ruby Louise Melton: Barred

Associated Person Matney willfully failed to disclose material information on his Form U4 and failed to respond to FINRA requests for information. 

Todd M. Matney: Barred

Associated Person Clark willfully misrepresented material facts on a FormU4 by failing to disclose that he had been charged with two misdemeanors involving the wrongful taking of property. 

Martin Paul Clark: Fined $5,000; suspended 6 months

The Firm failed to 

• promptly amend registered representatives’UniformApplications for Securities Industry Registration or Transfer (Forms U4) to report the settlement of a lawsuit, 
• timely submit an amended Uniform Termination Notice for Securities Industry Registration (Form U5) to report an investment-related written complaint against a representative; 
• timely file FINRA Rule 3070 reports to disclose various reportable events. 

Advanced Equities, Inc.; Censured; Fined $10,000

Toth willfully caused the filing of a Form U4 that contained a misrepresentation of material fact.

Douglas John Toth: Suspended 1 year

On July 3, 2003, the Attorney General of New Jersey and the New Jersey Bureau of Securities filed a civil complaint in the Superior Court of New Jersey against Toth and others, alleging, among other things, fraud in connection with the offer, sale or purchase of securities in 2001. The July 2003 New Jersey complaint alleged that Toth and others made materially false and misleading statements and omissions regarding the degree of risk associated with the investment, the intended investment aims of the defendants, and the suitability of the investment for 18 investors. In July 2005, the New Jersey Superior Court dismissed the July 2003 New Jersey complaint without prejudice.

The core fact here does not seem to be in dispute -- namley, that Toth's Form U4 in question failed to disclose the New Jersey civil action against him. The issue in dispute is whether Toth or a former employer was responsible for that failed disclosure.Toth testified that he informed his former employer of all disciplinary actions against him prior to the electronic filing of the Form U4. Toth’s former employer testified that Toth did not inform him of the New Jersey civil action, and that Toth did not review and correct a copy of the Form U4 that the former employer forwarded to him, despite repeated requests for him to do so. FINRA made a credibility determination in favor of the former employer’s version of events, which Toth unsuccessfully appealed.. 

http://sec.gov/litigation/opinions/2008/34-58074.pdf (SEC)

http://www.finra.org/web/groups/industry/@ip/@enf/@adj/documents/nacdecisions/p036334.pdf (NAC)

Tosbath failed to disclose material information on his Form U4. 

Hrant Berge Tosbath: Fined $5,000; Suspended 30 days

Rainey willfully failed to disclose material information on her Form U4. and failed to respond to a FINRA request to appear for on-the-record testimony. 

Kellye Allen Rainey: Barred

Jackson failed to timely amend his Form U4 to disclose material information. 

Desmon Renoral Jackson: Fined $5,000; Suspended 30 days

Hancock willfully failed to update his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose material information. 

Shannon Mitchell Hancock: Fined $5,000; Suspended 5 months in all capacities.

The Firm failed to establish, maintain and enforce an adequate supervisory system and written procedures to detect statutorily disqualified individuals and to ensure the reporting of disclosable events as required by NASD Rule 3070. The Firm did not report to FINRA that it was associated with a person subject to statutory disqualification. 

Trade Station Securities, Inc.: Censured; Fined $15,000

Ramos willfully failed to disclose material information on his Form U4. 

Mark Steven Ramos: Fined $5,000; Barred in Principal capacity only; Suspended 1 year all capacities

MacDonald willfully failed to disclose material information on his Form U4 and failed to respond to FINRA requests for information. 

Kevin J. MacDonald: Barred

Ganim willfully failed to disclose material information on his Form U4. 

Alan Joseph Ganim: No fine in light of financial status; Suspended 3 months

Dever signed a customer’s name, without the customer’s authorization or consent, to forms to consolidate accounts in accordance with her wishes. Dever failed to disclose material information on her Form U4. 

Miriam Therese Dever: Fiend $5,000; Suspended 3 months

NASD found that Associated Person Craig willfully failed to disclose four felony charges and one misdemeanor conviction on his Uniform Application for Securities Industry Registration ("Form U4") in violation of NASD Membership Rule IM-1000-1 and Conduct Rule 2110.The SEC imposed the sanction following appeal of a NAC decision. The sanction was based on findings that Craig willfully failed to disclose material information on his FormU4. 

SEC Decision: http://sec.gov/litigation/opinions/2008/34-59137.pdf

Jason Adam Craig: Barred

Associated Person Castelluccio willfully failed to disclose material information on his Form U4. 

Peter M. Castelluccio: Fined $5,000; Suspended 3 months

Brown willfully failed to disclose material information on his Uniform Application for Securities Industry Registration or Transfer (Form U4), and failed to respond to FINRA requests for information. 

Brian Scott Brown: Barred

Rossi engaged in outside business activities, for compensation, and failed to give prompt written notice to his member firm. He failed to disclose material information on his Form U4 and failed to respond to FINRA requests for information.

Philip Donato Rossi: Barred

Associated Person Drake failed to disclose material information on his Form U4. 2008012706601

William Andrew Drake Jr.: Fined $5,000; Suspended 1 month in all capacities

The Firm failed to accurately complete Forms U5 following the termination of registered representatives alleged to have committed theft, fraud or violations of investment-related rules. The failure to complete Forms U5 hindered the investing public’s ability to access information regarding the termination of registered representatives. Also, the Firm failed to establish and maintain a supervisory system and written procedures reasonably designed to achieve compliance with its obligation to complete and submit accurate Form U5 filings to FINRA. 

Chase Investment Services Corp.: Censured; Fined $150,000

Acting through Kaplan, LF Financial failed to

• report, or timely report, disclosable settlements and disclosable regulatory orders; 
• timely file summary and statistical information for customer complaints that the firm received. 
• file a Uniform Application for Securities Industry Registration or Transfer (Form U4) amendment and failed to timely file amendments to Uniform Applications for Broker-Dealer Registration (Forms BD), Forms U4 or Uniform Termination Notices for Securities Industry Registration (Forms U5). 

LF Financial, LLC: Censured; Fined $15,000 jt/several with Kaplan

Jed Philip Kaplan (Principal) Censured; Fined $15,000 jt/several with LF Financial

Associated Person Yereshkin willfully failed to disclose material facts on his Form U4. 

Anton Yereshkin: Fined $5,000; Suspended 1 year

Associated Person Pete failed to respond to FINRA requests for information and willfully failed to disclose material information on her Form U4. 

Cynthia Nawita Pete: Barred

Associated Person Mora willfully misrepresented material facts on his Form U4. 

Max A.Mora: Fined $5,000; Suspended 4 months

Associated Person Ihrig willfully failed to disclose materials facts on his Form U4. 

Michael Lee Ihrig: Fined $5,000; Suspended 6 months in all capacities.

Hytken willfully failed to amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) with material information. 

Paul J. Hytken: Fined $5,000; Suspended 20 business days in all capacities

Acting through Jahre, the Firm filed a misleading and inaccurate Uniform Termination Notice for Securities Industry Registration (Form U5) in connection with a registered representative’s termination. 

Hedge Fund Capital Partners, LLC: Censured; Fined $10,000

Howard Gordon Jahre: Fined $10,000; Suspended 10 business day in Principal Capacity

Montgomery he willfully failed to timely amend his Form U4 with material information; andfailed to timely respond to FINRA requests for documents and information. 

Norman Vernon Montgomery II: Fined $7,500; Suspended 2 years in all capacities

Associated Person Garcia failed to respond to FINRA requests for documents and information; and willfully failed to disclose material information on her Form U4. 

Zenaida Rita Garcia: Barred

Associated Person Echi willfully failed to disclose material information on his Form U4 and failed to timely respond to FINRA requests for information. 

Israel I. Echi: 

• Fined $5,000; Suspended 1 year for willful failure to disclose information
• Fined $2,500; Suspended 2 months for failure to timely respond to requests for information
• Suspensions to run concurrently

Ashraf willfully failed to disclose material information on his Uniform Application for Securities Industry Registration or Transfer. 

Iqbal Ashraf: Fined $5,000; Suspended 6 months in all capacities

Associated Person Williams failed to disclose material information on his Form U4 and failed to respond timely to FINRA requests for information. 

Edward Darell Williams: Fined $7,500; Suspended 18 months

Thomas willfully failed to disclose material information on her Forms U4. 

Yvonne Thomas: No fine in light of financial status; Suspended 2 years in all capacities

Associated Person Jhun failed to disclose material information on his Form U4. 

James Jhun: Fined $5,000; Suspended 60 days in all capacities

Fishman willfully failed to disclose material information on his Form U4 and his member firm’s annual compliance forms. Also, he engaged in an outside business activity, for compensation, and failed to provide prompt written notice to his member firm.

Avidan Danny Fishman (Principal): Fined $2,500; Suspended 6 months in all capacities (willful failure to disclose) and 1 month in all capacities (outside business activity)