Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2009
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.
September 2009 - View all for this month
Kareem Isadore Washington
AWC/2008012952201

Washington assisted customers in opening fraudulent bank accounts and withdrawing money from the newly opened fraudulent accounts, and received approximately $4,700 in compensation for assisting in the scheme. Customers of Washington’s member firm opened the bank accounts with falsified identifying information and made initial deposits of money with counterfeit checks drawn on the accounts of the firm’s other customers. At the customers’ direction, Washington made branch and automatic teller machine (ATM) withdrawals for the customers, despite knowing that the customers deposited counterfeit checks and that fraud alerts were placed on the accounts. The bank lost a total of $43,093.81 from the scheme. 

Kareem Isadore Washington: Barred
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