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In
the Matter of the Association of X with The Sponsoring Firm as a
General Securities Representative MC-400:
August 2001 Redacted
Decision |
DENIED by Hearing Panel of the NASDR Statutory Disqualification Committee/ NAC |
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SD Event |
In 2001 X pled guilty to felony of operating a motor vehicle under the influence of alcoholand was sentenced to perform 60 days of community service, serve 120 days in the County work release facility, serve four months on "tether," serve 20 months' probation (until 2002), and participate in an alcoholism treatment program. Had two prior DUI convictions in 1999 and 1992. |
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Sentence expiration |
2002 |
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Prior Industry Activity |
RR from 1991. |
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Background |
Also licensed insurance representative. No regulatory history during 10 years in industry. Three customer complaints.1995 Chapter 13 bankruptcy filing resulting in 1999 discharge. |
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Sponsoring Firm |
NASD member since 1998. General securities business. 12 OSJs and 14 branches. Employs 13 unregistered persons, 25 registered principals, and 108 RRs. One LOC in 2001. 2002 Firm subject to Rule 3010(b)(2) Taping Rule. |
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Proposed Activity |
General securities rep to work from his home in State 1. Firm located in State 2. Proposed Supervisor based in State 2. |
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Proposed Supervisor |
President and CEO. GSR 1991. GSP 1992. With firm since its inception in 1998. No regulatory history. Two customer complaints pertaining to prior firm. $25,000 settlement. |
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Member Regulation Recommendation |
Permitted |
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Considerations |
Ten year struggle with alcoholism compelled conclusion that failure to seek treatment until third conviction demonstrated poor judgment. Conviction less than 1 year ago. Pendency of probationary period. X would be operating in a state other than that where main office and proposed supervisor are located --- some hundreds of miles distance. Proposed weekly videoconferences not sufficiently heightened supervision. Firm has grown rapidly and is subject to Taping Rule and may not be able to handle SD supervision at this time. |
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Citations |
Frank Kufrovich, Exchange Act Rel. No. 4537 (Feb. 13, 2002) [nature and recency of a felony]. |
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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 
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