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.
January 2010
Jeffrey Paul Dungan
AWC/2008015824001/January 2010
Dungan created and disseminated a false proof of insurance document and inserted a false policy number on the document in order to assist a customer, whose commercial insurance application was never filed or submitted due to an administrative error at Dunganís member firm. Dungan should have known that the customer and its bank would rely on the representations in the document.
Jeffrey Paul Dungan: Fined $5,000; Suspended 1 month
Tags:  False Proof of Insurance     |    In: Cases of Note : FINRA
Bill Singer's Comment
Frankly, the sanction is on the light side and Dungan either benefitted from superb lawyering or FINRA considered certain facts (not spelled out in the published squib) as mitigating. 
Enforcement Actions
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