Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2010
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.
Horus River Brown
OS/2008013380501
Brown engaged in a private securities transaction outside the scope of his employment with his member firm. Brown recommended that a customer invest about $200,000 in a security in the form of a note or convertible debenture. Brown promised that the customer would receive a 10 percent return on her investment within ten months, but instead, the company defaulted and the customer lost her entire investment. Brown did not provide the firm with prior written notice of his participation in this transaction, did not obtain approval from the firm to participate in this transaction, did not give the firm the opportunity to record this transaction on its books and records or to supervise his participation in the transaction. Also, Brown failed to respond to FINRA requests for information and documents, and failed to appear for FINRA onthe- record testimony.
Horus River Brown : Barred
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