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.

Philip Wayne Russell
OS/2007010589501

Russell engaged in private securities transactions outside the regular course and scope of his employment with his member firm and failed to provide notice to, or receive approval from, his firm. Russell completed his firm’s annual compliance questionnaire and incorrectly answered “no” in response to questions regarding selling securities away from the firm. Russell received $1,248,750 from public customers for investment in promissory notes issued by another individual; the individual defaulted and the customers received none of their original investment.Russell failed to respond to FINRA requests for information.

Philip Wayne Russell : Barred