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.

Ariel Pena
AWC/2009018511001

Pena knowingly submitted false documentation to his member firm’s affiliate bank in order to open customer accounts, thereby circumventing the bank’s requirement that its customers provide written verification of residential address. The customers were non-U.S. citizens and, without written verification of address, the bank would not have opened accounts for these customers. Pena’s tax accountant, who he had a referral relationship with, created false address verification letters for the customers on her company’s letterhead upon Pena’s request, and provided the letters to Pena, who used these letters to open bank accounts for the customers and received at least $800 in commissions. Pena was responsible for ensuring that accurate documentation was presented to his employer and intentionally presented the false address verification letters to his employer in an attempt to avoid supervisory guidelines.

Ariel Pena: Fined $10,000; Suspended 6 months

Tags: Bank