An interesting case on two levels. One, we have what was once a rare case of sanctioning a Principal for failed supervision -- although this is no longer such a rare situation. Two, we have what appears to be a "parking" case, in that Dorsey seems to have been "inactive (?)" at his member firm for more than 2 years but maintained his registration. As many of you know, I am no fan of the automatic 24-month registration lapse. Moreover, as a lawyer who makes a living parsing language, I am always troubled by adjectives and adverbs: In this case, the interpretation of what is and isn't "actively" engaging in business often presents troubling issues. Think about it, during the past two years, how many branches experienced such a drop off in business (particularly during September 2008 through March 2009) as to make them ghost towns. If an RR goes to work everyday but the phones aren't ringing and there is no point in cold calling, is that "actively" engaging in the securities business? If that same RR spends most of his/her day reading the newspaper, playing solitaire on the computer, and shooting the breeze with colleagues, is that "actively" engaging in the securities business?