Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
PRIVATE SECURITIES TRANSACTIONS
2009
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.
February 2009 - View all for this month
Gabriela Frances Burse
2007009262301
Because I find FINRA's write-up of this case amusing, I have reprinted the monthly report verbatim:

Gabriela Frances Burse (CRD #1910360, Registered Principal, Orlando, Florida)

submitted a Letter of Acceptance, Waiver and Consent in which she was barred from

association with any FINRA member in any capacity. Without admitting or denying the

findings, Burse consented to the described sanction and to the entry of findings that

she participated in private securities transactions involving a fraudulent pyramid

scheme in the form of investment contracts, without prior written notice to, or written

permission from, her member firm.

Bill Singer's Comment
 (Dripping with intended sarcasm)  Okay, so let me see if I get this one.  Burse participated in a "fraudulent pyramid scheme." Okay, got that. And FINRA's problem is that she did so "without prior written notice to, or written permission from, her member firm"?????

I guess Burse could have avoided this mess if she sent a simple, letter --- oh, no, please, let me write that for you:

Dear Member Firm:

I intend to participate in a fraudulent pyramid scheme in the form of investment contracts.  This letter should constitute my formal, prior written notice to you.  I am seeking your permission to further this fraud.

Sincerely,

Gabriela Frances Burse.

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