Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
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.
December 2009
Park Avenue Securities, LLC
AWC/2007010095201/December 2009
The Firm failed to timely file amendments to Uniform Applications for Securities Industry Registration or Transfer (Forms U4) or Uniform Termination Notices for Securities Industry Registration (Forms U5). The failed to enforce its written supervisory procedures relating to its direct mutual fund and 529 Plan business concerning switch letters and breakpoint worksheets compliance.
Park Avenue Securities, LLC: Censured; Fined $25,000
November 2009
Oswald Victor Paredes
AWC/2009018461601/November 2009
Paredes linked his 529 college savings plan accounts to an individualís bank account, transferred $3,900 from the individualís bank account to the plan accounts, without the bank account holderís authorization or consent, and misappropriated the funds for his personal use.
Oswald Victor Paredes: Barred
Tags:  529 College Savings Plan    Bank     |    In: Cases of Note : FINRA
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