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 Also see the Statutory Disqualification Index VISIT
WALL STREET'S LEADING ONLINE COMMUNITY
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Michael Anthony Nicolosi 2008012516401/October 2009 Nicolosi willfully failed to disclose material information on his Form U4. Michael Anthony Nicolosi: Barred |
Valerie Elaine King (Principal) #2007010236401/October 2009 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 |
Lorenzo Vela 2008014409801/September 2009 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 |
Kevin Joseph Speicher AWC/2008014413201/September 2009 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 |
Jimmie Lee Pfeffer Jr. AWC/2007010685801/September 2009 Pfeffer willfully failed to disclose material facts on Forms U4. Jimmie Lee Pfeffer Jr.: Fined $5,000; Suspended 6 months |
Christopher James Guetzkow AWC/2008012446901/September 2009 Guetzkow failed to disclose material information on his Form U4 and failed to appear for an on-the-record interview. Christopher James Guetzkow: Barred |
Pamela Kelley Fox AWC/2008015140101/September 2009 Fox failed to disclose material information on her Form U4. Pamela Kelley Fox: Fined $5,000; Suspended 3 months |
John Eugene Davidson 2007011375001/September 2009 Davidson willfully failed to update his Form U4 with material information. John Eugene Davidson: Barred |
Stephen Timothy Crawford OS/2008013892301/September 2009 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 |
Bill Singer's Comment: By now, this is a fairly standard "borrowing" case set of facts. What I find a tad curious is that in addition to the borrowing violation, we have U4 and a "failure to respond" charges. Frankly, I would have expected a bar or a far more serious sanction. Either Crawford had a superb lawyer or FINRA interpreted the three violations differently than the case report implies. |
Kathleen Ann Shave (Principal) 2008014423801/August 2009 Shave failed to update her Form U4 to disclose material facts and failed to respond to FINRA requests for information. Kathleen Ann Shave: Barred |
Robert Ahmad Samei 2007010925001/August 2009 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 |
James Carlton Gardner II 2008012392101/August 2009 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 |
Robert Vincent Mitchell (Principal) AWC/2008014596501/July 2009 Mitchell failed to timely amend his FormU4 to disclose material information. Robert Vincent Mitchell: Fined $5,000; Suspended 30 days |
Ruby Louise Melton AWC/2008014533101/July 2009 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 |
Todd M.Matney AWC/2008013330101/July 2009 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 |
Martin Paul Clark AWC/2008013304001/July 2009 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 |
Advanced Equities, Inc. AWC/2008011633601/July 2009 The Firm failed to
Advanced Equities, Inc.; Censured; Fined $10,000 |
Douglas John Toth 2332079/June 2009 United States Court of Appeals Denied Petition for Review of the Securities and Exchange Commission decision that sustained findings of violation and sanctions on appeal of a National Adjudicatory Council decision on appeal from Office of Hearing Officers decision. Toth willfully caused the filing of a Form U4 that contained a misrepresentation of material fact. Douglas John Toth: Suspended 1 year |
Bill Singer's Comment:
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) |
Hrant Berge Tosbath AWC/2008012316401/June 2009 Tosbath failed to disclose material information on his Form U4. Hrant Berge Tosbath: Fined $5,000; Suspended 30 days |
Kellye Allen Rainey 2007009291201/June 2009 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 |
Desmon Renoral Jackson AWC/2008013359701/June 2009 Jackson failed to timely amend his Form U4 to disclose material information. Desmon Renoral Jackson: Fined $5,000; Suspended 30 days |
Shannon Mitchell Hancock AWC/2008011980501/June 2009 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. |
Trade Station Securities, Inc. AWC/2007009466601/June 2009 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 |
Mark Steven Ramos (Principal) OS/2007011247201/May 2009 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 |
Kevin J. MacDonald 2007010344801/May 2009 MacDonald willfully failed to disclose material information on his Form U4 and failed to respond to FINRA requests for information. Kevin J. MacDonald: Barred |
Alan Joseph Ganim AWC/2007010192201/May 2009 Ganim willfully failed to disclose material information on his Form U4. Alan Joseph Ganim: No fine in light of financial status; Suspended 3 months |
Miriam Therese Dever AWC/2007010858601/May 2009 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 |
Jason Adam Craig E8A2004095901/May 2009 Securities and Exchange Commission sustained findings of violation and sanctions on appeal of a National Adjudicatory Council decision on appeal from Office of Hearing Officers decision. 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 |
Peter M. Castelluccio AWC/2008012581401/May 2009 Associated Person Castelluccio willfully failed to disclose material information on his Form U4. Peter M. Castelluccio: Fined $5,000; Suspended 3 months |
Brian Scott Brown 2008013493101/May 2009 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 |
Philip Donato Rossi 2007010767201/April 2009 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 |
William Andrew Drake Jr. AWC/2008012706601/April 2009 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 |
Chase Investment Services Corp. AWC/2007009764901/April 2009 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 |
LF Financial, LLC and Jed Philip Kaplan (Principal) AWC/2007007150401/April 2009 Acting through Kaplan, LF Financial failed to
LF Financial, LLC: Censured; Fined $15,000 jt/several with Kaplan Jed Philip Kaplan (Principal) Censured; Fined $15,000 jt/several with LF Financial |
Anton Yereshkin 2007011504801/March 2009 Associated Person Yereshkin willfully failed to disclose material facts on his Form U4. Anton Yereshkin: Fined $5,000; Suspended 1 year |
Cynthia Nawita Pete 2007011080601/March 2009 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 |
Max A. Mora AWC/2008012208901)/March 2009 Associated Person Mora willfully misrepresented material facts on his Form U4. Max A.Mora: Fined $5,000; Suspended 4 months |
Michael Lee Ihrig AWC/2007010236301/March 2009 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. |
Paul J. Hytken AWC/2007007727801/March 2009 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 |
Hedge Fund Capital Partners, LLC and Howard Gordon Jahre (Principal) OS/2007008358101/March 2009 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 |
Norman Vernon Montgomery II OS/#2007009882301/February 2009 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 |
Zenaida Rita Garcia 2007010993901/February 2009 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 |
Israel I. Echi 2007010774001/February 2009 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:
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Iqbal Ashraf (Principal) OS/2007007372701/February 2009 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 |
Edward Darell Williams OS/2007009202401/January 2009 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 |
Yvonne Thomas OS/2006004375701/January 2009 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 |
James Jhun AWC/2007009278101/January 2009 Associated Person Jhun failed to disclose material information on his Form U4. James Jhun: Fined $5,000; Suspended 60 days in all capacities |
Avidan Danny Fishman (Principal) 2007008812801/January 2009 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) |