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.

Steven Michael Mandala
AWC/2010022904801

Mandala completed an employment application with a member firm in which he falsely represented his annual compensation at a previous securities firm and falsely represented the customer assets he managed and the revenues generated. Mandala provided the firm with numerous fictitious documents supporting his claims and, based upon his false representations, he obtained an upfront loan of $780,000 from the firm. The firm learned of his falsified and altered documents, terminated Mandala’s employment, and requested payment of the promissory note, which he agreed to pay on a future date.

Steven Michael Mandala : bARRED

Tags: False Statements