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.

CMG Institutional Trading, LLC and Shawn Derrick Baldwin (Principal)
E8A2005025201

Securities and Exchange Commission sustained findings of violation and sanctions on appeal of a National Adjudicatory Council decision on appeal from Office of Hearing Officers decision.

The firm and Baldwin failed to respond completely and fully to FINRA requests for information. For a commentary on this interesting case, see The Cost of Telling a Regulator to Go To Hell (figuratively, that is) at http://www.brokeandbroker.com/index.php?a=blog&id=118  What makes this case particularly interesting -- if not edgy? For starters, consider this language from the SEC's decision:

Moreover, we find troubling the contradictory statements given by Enforcement's witnesses with respect to respondents' failure to respond to the final disposition letter.  The differing responses from Enforcement's witnesses, coupled with the confused nature of the FINRA examiner's testimony, raise considerable questions concerning the accuracy of Enforcement's general assessment that respondents did not respond completely to the requests...

CMG Institutional Trading, LLC and Shawn Derrick Baldwin (Principal): Fined $25,000 jt/severally and suspended 2 years in all capacities.