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.

Sean Patrick Britton
AWC/2007011830002

Britton used instrumentalities of interstate commerce and caused to be executed customer sales in, and facilitated the distribution of, more than 1.3 billion shares of unregistered securities in thinly traded low-priced stocks, and failed to establish that these securities or transactions were exempt from registration. No registration statements were in effect for the securities and no exemptions to the registration requirement were applicable. Despite the presence of multiple red flags, Britton failed to perform adequate due diligence and wrongfully relied on others to perform the inquiries.

Sean Patrick Britton : Fined $10,000 (includes $9,000 commission disgorgement); Suspended 4 months

Tags: Unregistered Securities