Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
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
Steven John Simone (Principal)
AWC/2008015766201/December 2009
Simone exercised discretionary authority in a deceased customerís account without the customerís written discretionary authority and without his member firmís written acceptance of the account as discretionary. The discretionary transactions generated approximately $8,000 in commissions and an approximate loss of $170 in the customerís account; excluding fees and commissions, the account would have realized a gain of approximately $5,800.
Steven John Simone (Principal): Fined $10,500 (includes $8,000 in disgorged commissions); Suspended 20 business days
Tags:  Deceased     |    In: Cases of Note : FINRA
Enforcement Actions