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.

James Michael Rapuano Jr.
AWC/2010021463201

Rapuano made oral and written misrepresentations to a customer at his member firm regarding the value of the customer’s account. Rapuano told the customer that the monthly account statements were inaccurate and the account balance was greater than what appeared on the statements, which was not true; the monthly account statements were accurate. Rapuano provided the customer with a false monthly account statement that was in partial form, in that it only contained the first page showing the total values of the opening and closing cash and securities positions in the account for that period. Rapuano prepared the false statement by taking the first page of the customer’s monthly statement from a prior month and altering the dates. Rapuano also misrepresented to the customer that the larger account value reflected on the altered statement represented his actual balance.

James Michael Rapuano Jr. : Barred