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.
December 2010
Rodney Brian Moss
AWC/2009016709015/December 2010

Moss participated in the sale of $50,000 worth of Universal Lease Programs (ULPs) without prior written notice about the sale to his member firm and his firmís prior written approval.  He earned approximately $6,000 in commissions from his sale of the ULP.

Moss participated in sales of

  • payphone programs totaling $65,000,
  • an automatic teller machine (ATM) program totaling $48,000 with an additional $2,400 for surety bonds

to members of the public and failed to provide his firm with written notice about the sales and never obtained the firmís written approval.

Moss initialed and signed business activity statements in which he agreed that he was aware that his firm must be notified of all his business activities, even those that did not relate to the securities industry; these statements were incomplete and misleading because Moss failed to disclose his participation in the sales of the ULP, the payphone program and the ATM program.

Rodney Brian Moss: Fined $11,000 (includes commission disgorgement); Suspended 5 months
Tags:  ATM    payphones    Universal Lease Programs     |    In: Cases of Note : FINRA
Bill Singer's Comment
Yet another ULP action for 2010 -- certainly a growth industry for FINRA this year.
Enforcement Actions
Tags
Email Bill Singer Connect with Bill Singer on Facebook Follow Bill Singer on Twitter Link up with Bill Singer on LinkedIn Join Bill Singer on Google+