 |
|
|
|
|
|
|
| In
the Matter of the Association of X with The Sponsoring Firm as a
General Securities Representative And Equity Trader MC-400:
January 2002 Redacted
Decision |
DENIED by Hearing Panel of the NASDR Statutory Disqualification Committee/ NAC |
| SD Event | In October 2000, X pled guilty in Superior Court, State 1, to the felony offense of possession of a controlled dangerous substance with intent to distribute within 1000 feet of school property. Drug was ecstasy and incident occurred at X’s parent’s home (which was next to a school) when he gave drug to police informant. The court sentenced X to serve five years' probation |
| Sentence expiration | November 2005 |
| Prior Industry Activity | RR from 1997 – 2000. |
| Background | Following sentencing RR served six months in an inpatient substance abuse program. Upon release he day traded his personal account without success and became an estimator for a window company. No regulatory history during 4 years in industry. |
| Sponsoring Firm | NASD member since 1953. Wholesale market making. 1 OSJ. No offices. 4 GSP. 17 RRs. AWCs: firm quote, Censure/$10,000 fine; limit order and trading ahead, Censure/$3,000; trade reporting and books & records, Censure/$6,000 ; trade reports, trading ahead, short-sale determinations, $18,000 fine. 2 LOCs |
| Proposed Activity | General securities rep and equity trader. Located at home office. |
| Proposed Supervisor | Compliance Director. GSR 1981. GSP 1992. With firm since 1992. 1989 AWC for short selling determination ($2,500 fine). |
| Member Regulation Recommendation | Permitted |
| Considerations | Felony conviction a very serious matter signifying poor judgment and lack of responsibility. Recency of 1999 arrest and pendency of probationary period. Conviction less than 1 ˝ years ago. Substance abuse treatment completed less than one year ago. |
| Citations | Frank Kufrovich, Exchange Act Rel. No. 4537 (Feb. 13, 2002)[nature and recency of a felony]. |
|
|
|
|
RRBDLAW.COM AND SECURITIES INDUSTRY COMMENTATOR™ © 2004 BILL SINGER THE ARTICLES PUBLISHED HERE REPRESENT THE PERSONAL VIEWS OF THE AUTHOR, AND NOT NECESSARILY THE VIEWS OF ANY LAW FIRM OR ORGANIZATION WITH WHICH HE MAY BE AFFILIATED. ALL STATEMENTS MADE IN THESE ARTICLES ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED TO PROVIDE, NOR SHOULD THEY BE RELIED ON AS, LEGAL ADVICE. READERS MUST CONSULT WITH QUALIFIED LEGAL COUNSEL BEFORE RELYING UPON ANY CONTENT CONTAINED HEREIN. STATEMENTS MADE IN THESE ARTICLES MAY BE INCORRECT FOR YOUR JURISDICTION OR AT THE TIME WHEN YOU READ SUCH STATEMENTS THE UNDERLYING RULES, REGULATIONS AND/OR DECISIONS MAY NO LONGER BE CONTROLLING OR PERSUASIVE AS A MATTER OF LAW OR INTERPRETATION. Telephone: 917-520-2836 Secondary telephone: 212-269-1400 Fax at 720-559-2800 E-mail to rrbdlawyer@aol.com FOR DETAILS ABOUT MR. SINGER, PLEASE READ HIS ONLINE BIOGRAPHY 
|
|
|
|
|