Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
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.
Steven Robert Carestia
AWC/2010025194901
Carestia borrowed a total of $200,000 from customers of his member firm without giving written notice or obtaining the written approvals of his firm manager or the firmís compliance department before obtaining the loans from the customers. Carestia has repaid one customer in full, and the other customer has executed an affidavit stating that Carestia partially repaid the loan and that the customer forgives the balance of the loan including any accrued interest.
Steven Robert Carestia: Fined $7,50; Suspended 60 days
Tags: Borrowing  
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