Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2012
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.
January 2012 - View all for this month
Joyce Ann Kauffmann (Principal)
AWC/2011027218201
AWC/2011027218201
Kauffmann improperly
borrowed $25,000, evidenced by a promissory note, from her
customer at her member firm.
The findings stated that when the borrowing occurred, the firm
permitted representatives
to borrow money from a customer under specified conditions subject
to the representative
obtaining their immediate supervisor’s prior written approval.
Kauffmann did not seek
firm approval for the borrowing, did not obtain its prior written
approval to borrow money
from the customer and did not disclose to the firm that she had
borrowed money from a
customer.
Kauffmann failed to
provide FINRA with requested
information and documents, and failed to appear to testify.
Joyce Ann Kauffmann (Principal): Barred
Tags: Borrowing
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