Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2012
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 2012
Jimmy Mitchel Davidson
AWC/2010024519401/January 2012
AWC/2010024519401/January 2012
Davidson engaged in outside business
activities without providing
prompt written notice to his member firm.
Davidson began
creating Internet advertisements, which were not related to the
securities industry or
investments. In exchange for a fee, Davidson offered to create
advertisements, arrange for
the postings, with pictures, on various Internet sites, and assist
the advertisers in replying
to emails from potential customers. Davidson earned approximately
$6,000 for his outside
business activities.
Davidson
completed his firm’s annual
compliance questionnaires, on which he falsely represented that he
had not engaged in any
undisclosed outside business activity.
Jimmy Mitchel Davidson: Fined $7,500; Suspended 30 days
Tags: Internet | In: Cases of Note : FINRA
Enforcement Actions
Tags
- AML
- Annual Compliance Meeting
- Borrowing
- Changes Of Address
- Checks
- Commissions
- Confidential Customer Information
- Due Diligence
- Elderly
- Electronic Communications
- Electronic Storage
- Embezzled
- Installment Plan Contracts
- Internet
- Life Settlement Contracts
- LOA
- Membership Agreement
- Money Laundering
- Mortgage
- OSJ
- Ponzi
- Private Placement
- Referral Fees
- Supervision
- Testing
- Unregistered Person
- Unregistered RRs
- Unregistered Securities
- Variable Annuity
- WSPs