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
David Vankuren Tolley
AWC/2010022046801
AWC/2010022046801
Tolley borrowed $5,000 from an investor and customer of his member firm
contrary to his firm’s
compliance manual that generally prohibited representatives from
borrowing money
from a customer unless the borrowing was made pursuant to an
exception to the rule and
written approval had been granted by the firm’s compliance
officer; Tolley failed to obtain
permission.
Tolley failed to timely amend
his Form U4 to disclose a
material fact.
David Vankuren Tolley: Fined $7,500; Suspended 4 months
Tags: Borrowing
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