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.

Yajaira Santos
AWC/2008015473301

Associated Person Santos completed and submitted a $7,000 credit advance request on a bank line of credit belonging to a firm customer without his knowledge or consent. The bank processed the request, issued a $7,000 check made payable to the customer which Santos retrieved, endorsed the check and deposited the funds into a separate bank account over which she had signature authority. Santos later covered the line of credit advance by initiating unauthorized securities sales in the customer’s securities account.

Yajaira Santos: Barred

Tags: Check