Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2009
NOTE: Stipulations of Fact 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 & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.
Richard Wayne Hill
AWC/2008013715501

Hill issued checks totaling $479,450 from customer accounts to corporate payees representing that he was purchasing race horses for the customers; but, instead, converted $350,000 to his own use by arranging for the corporate payees to issue checks made payable to him for the same dollar amounts, less a small administrative fee. Also, Hill settled a customer complaint for $12,000 and failed to inform his member firm about the complaint. 

Richard Wayne Hill: Barred
Bill Singer's Comment
"Less a small administrative fee" -- how considerate.  What really shocked me is that Hill had agreed to pay a customer $12,000 to settle a complain and then actually reneged on that promise.  I mean the guy gave his word, his sacred word and all of that.  Wow . . . I never saw that coming. I really thought that after the whole race horse fiasco that he would have at least paid the measly $12,000. And, yes, the aforementioned commentary is largely dripping with my patented, acerbic sarcasm...just in case you didn't figure that out.
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