 |
 |
 |
 |
|
 |
|
|
 |
 |
 |
May 16, 2008
Like I said a few blog posts back, before the nonsense with Lt. Col. Johnson, I'm tired. Tired of ... | [Read On] |
|
NOTE: 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. 2005
|
|
Michael Louis Lieb AWC/E8A2004063701/December 2005 Lieb attempted to compensate a public customer for penalties incurred when withdrawals from the customer’s IRA account were not returned to the account in a timely manner. Lieb wrote a personal check payable to the customer without informing his member firm that he had attempted to compensate the customer, and without obtaining authority from his firm to settle the loss in this manner. Fined $5,000; Suspended 10 days in all capacities. |
| Bill Singer's Comment: Grrrr!!!! Why can't the NASD just provide a few facts to explain what happened. What do you mean "attempted to compensate" --- like, what --- Lieb wrote the check, gave it to the client, and for some reason it wasn't deposited? And why weren't the withdrawals timely returned. And were these withdrawals made by the client? As they used to say on the television show Dragnet: Just the facts |
|
Donald Jordan Haskell AWC/E0220040658-01/December 2005 Haskell participated in private securities transactions without providing written or oral notification to, or receiving prior written approval from, his member firm. He settled a customer complaint and did not inform his member firm of the customer’s complaints, or of his agreement to personally help repay the notes to the customer. Fined $5,000; Suspended 6 months in all capacities; Requalify as General Securities Representative |
|
James Clifford McClure AWC/C9A050020/June 2005 McClure offered to share in losses in a public customer’s securities account. Fined $5,000; Suspended 15 business days all capacities. |
|
Victor Anthony Duque AWC/CLI050010/June 2005 In an attempt to settle a complaint by a public customer, Duque proposed settlement terms, and made settlement payments, to the customer without obtaining written authorization from his member firm. He failed to respond to NASD requests for an on-the-record interview. Barred |
|
Harold Philip Donnerstag C9B040103/June 2005 Donnerstag entered into a settlement agreement with a public customer without his member firm’s knowledge or approval, and failed to respond to NASD requests for information. Barred |
|
Michael Franklin Bestine AWC/C9B050023/June 2005 Bestine settled a complaint with a public customer without the approval or authority of his member firm. Fined $5,000; Suspended 6 months in all capacities |
| Christopher Udell (Principal) AWC/C05040089/February 2005) Udell made misrepresentations in selling long-term callable certificates of deposit (CDs) to public customers in that he falsely
In connection with the sale of long-term callable CDs and losses incurred due to operational errors, Udell entered into settlements of complaints with public customers without notifying and receiving approval from his member firm. Udell was Fined $15,000 and Suspended 4 months in all capacities. |
| Edwards Matthews Quigley, III AWC/C07040102/February 2005 Quigley misrepresented in written correspondence to a public customer that his initial investment in variable annuities was guaranteed against loss by Quigley’s member firm and the variable annuity companies. Quigley failed to follow a public customer’s order to liquidate securities to avoid losses; effected unauthorized trades in the customer’s account; and executed a personal note for the customer that settled losses already incurred in the account and guaranteed against future losses in the customer’s account without providing notice to his member firm. Quigley was Barred. |
| Melissa Anne Houser C8A040059/February 2005 Houser entered into a settlement agreement with public customers without the knowledge or approval of her member firm. She falsified promissory notes she tendered to public customers in connection with the settlement agreement by drafting the notes on the letterhead of a company where she was employed as a consultant and by falsely identifying herself on the notes as a company vice president, creating the false impression that the company issued the notes, without the company’s knowledge or consent. Houser was Barred. |
| James Bernard Peterson, Sr. C8A040034/January 2005 Peterson failed to effect promptly move variable annuity sub-accounts in response to a public customer’s direction. In an effort to settle the customer's complaint (but without notifying his BD), Peterson then attempted to pay the customer for the loss caused by the delay. Peterson failed to respond to NASD requests for information and documents in a timely manner. Fined $15,000 and suspended 13 months in all capacities. |
|
Albert Vincent Otero AWC/C11040039/January 2005 Without the knowledge or approval of Otero's member firm, he wrote checks totaling $404 to a public customer to prevent the customer from making complaints concerning contingent deferred sales charges. Fined $3,500 and suspended 10 business days in all capacities. |
| Masahiko Fukano (GSP) AWC/C10040112/January 2005 Fukano guaranteed a public customer against losses in her accounts on several occasions and attempted to settle the customer’s complaint concerning losses without informing and obtaining authorization from his member firm. Fined $5,000 and suspended five months in all capacities. |
 | ||||||
|
||||||
 | ||||||
|
