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.

Leonard Raymond Connell
AWC/2009020402601

Connell engaged in outside business activities without providing prompt written notice to his member firm. Connell sold equity-indexed annuities (EIAs) to investors, which included customers of his firm, through insurance companies, with investments totaling approximately $3,490,000, and Connell received commissions of approximately $91,030.00 from these sales. During the relevant period, the firm prohibited its representatives from selling EIAs as an outside business activity.

Leonard Raymond Connell: Fined $5,000; Suspended 3 months

Tags: EIA