Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2010
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.
September 2010
Anna Maria Somoza
AWC/2008015103701/September 2010
After deciding to resign from her member firm to join another FINRA member firm, Somoza used her broker workstation to change certain of her customersí telephone numbers to incorrect numbers and deleted several email addresses in her firmís electronic database, causing the firm to create and maintain inaccurate books and records. Somoza made these changes without the customersí knowledge or authorization, and she was aware that the firmís policies prohibited firm employees from making false and misleading entries in its books and records. Somoza admitted to the firm that she made the changes because she did not want anyone at the firm calling her clients after she left the firm. The firm immediately terminated Somozaís employment.
Anna Maria Somoza : Fined $5,000; Suspended 30 days
July 2010
Ryan Nicholas Shubin
AWC/2009016597401/July 2010
Shortly before resigning from his member firm to work at another member firm, Shubin made inaccurate changes to customer records in order to slow down other registered representatives at the firm who he believed would be assigned to call his customers after he resigned. By changing customer email addresses and telephone numbers, Shubin caused his member firm to create and maintain inaccurate books and records.
Ryan Nicholas Shubin : Fined $5,000; Suspended 1 month
Bill Singer's Comment
May 2010
Darrell Steven Current
AWC/2008012421501/May 2010
While contemplating his resignation from his member firm to work at another member firm, Current altered customer telephone records at his member firm without authorization. Current made inaccurate electronic changes to customer telephone records that were recorded on a firm electronic database in order to slow down other registered representatives who he believed would be assigned to call his customers after he resigned. By changing customer telephone numbers, Current caused his member firm to create and maintain inaccurate books and records.
Darrell Steven Current : Fined $5,000; Suspended 1 month
Bill Singer's Comment
For whatever reason, FINRA seems to be focusing on this altered phone records cases.  This is the second one this month: See Roslyn Bixby at www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2009016572701
Douglas Seth Land
AWC/2008014999101/May 2010
Shortly before resigning from his member firm to work at another member firm, Land caused telephone records at his firm to be altered without authorization, in that Land made inaccurate changes to customer telephone records electronically stored in his broker workstation in order to slow down other registered representatives who would be assigned to call his customers after he resigned. By changing customer telephone numbers, Land caused his member firmís books and records to be inaccurate.
Douglas Seth Land: Fined $5,000; Suspended 1 month
Roslyn E. Bixby
AWC/2009016572701/May 2010
Shortly before resigning from her member firm to work at another member firm, Bixby caused customer records to be altered without authorization. Bixby made inaccurate updates to customer telephone numbers and deleted customer email addresses in order to slow down other registered representatives whom she believed would be assigned to call her customers after she resigned. By changing customer telephone numbers and email addresses, Bixby caused her firm to create and maintain inaccurate books and records.
Roslyn E. Bixby : Fined $5,000; Suspended 1 month
Bill Singer's Comment

I know that this scenario is far more common than indicated by the very few regulatory cases that come to light. 

Enforcement Actions
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