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.

Benjamin Yost White
AWC/2008016114801

White borrowed $100,000 from a customer on an unsecured basis, when his member firm’s policies prohibited representatives from borrowing money from a customer. Moreover, the borrowing arrangement did not meet the conditions set forth in NASD Rule 2370(a)(2). White did not disclose to his firm that he had borrowed money from a customer.

Benjamin Yost White: Fined $15,000; Suspended 60 days

Tags: Borrowing