Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2011
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.
March 2011
Edward Gerald Spinelli
AWC/2009018288301/March 2011
Spinelli improperly marked order tickets for transactions, which his member firmís research did not cover, in accounts as ďunsolicitedĒ when, in fact, they were solicited, thereby causing the firmís books and records to be inaccurate. Spinelli solicited the purchase of securities for which the firm did not have a research opinion for family membersí accounts even though he was aware that the firm prohibited its registered representatives from soliciting transactions in securities for which the firmís research department did not have a research opinion without firm approval. Spinelli effected transactions on a discretionary basis for the accounts, when neither customer had provided Spinelli or the firm with written authorization to exercise discretion.
Edward Gerald Spinelli : Fined $5,000; Suspended 20 business days.
Tags:  Solicited     |    In: Cases of Note : FINRA
Bill Singer's Comment
A not-uncommon company policy, and a fairly benign sanction given the circumstances. Make sure to check out your firm's guidelines before marking a ticket "unsolicited."
Enforcement Actions
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