Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
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.
Gary Harrison Lane

Lane converted to his personal use a total of $4.93 million in checks from customers who Lane misled into believing they were investing in U.S. Treasury bonds and/or corporate bonds

Instead of investing the customers’ money, Lane deposited checks drawn on the customers’ accounts into his relative’s account to effectuate the conversion of the customers’ funds without their authorization. In furtherance of his scheme and in an effort to disguise his conversion, Lane made a total of more than $736,000 in payments to some of the affected customers by cash payments or by transferring funds from his relative’s account to a bank account bearing the name of the United States from which cashier’s checks were issued to the customers. Lane created and provided his customers with fictitious receipts and typed certifications purporting to confirm his customers’ non-existent investments in U.S. Treasury bonds and/or corporate bonds.

Gary Harrison Lane: Barred
Bill Singer's Comment
What a waste of talent.  This guy manages to steal nearly $5 million but still got caught.  If only they could have sat him at a trader's desk and let him work a prop account.  Imagine how many billions in finagling he might have achieved!
Enforcement Actions
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