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.
Jason Spencer May AWC/2008013907501/December 2009
advised a customer to open an account at another FINRA member firm to reduce his options trading transaction costs,
accepted discretionary trading authority from the customer for the account, and
executed transactions in the customerís account at the other firm using the customerís login and password.
May did not
advise his member firm in writing that he had discretionary trading authority for the customerís account at another member firm prior to placing an order in the account, and
did not notify the firm where the account was opened that he was associated with another FINRA member firm.
Jason Spencer May: No Fine in light of financial status; Suspended 60 days
Damon exercised discretion in customersí accounts without having obtained written customer authorization that her firm would find acceptable. Damon exercised time and price discretion after the business day on which the customer granted such discretion without the customerís written authorization.
Michelle Ruth Damon: Fined $10,000; Suspended 10 business days in all capacities
Donald Louis Andersen AWC/2007010593701/November 2009
Andersen exercised discretion in customersí accounts without first having obtained written customer authorization that his firm would find acceptable and, without the customerís written authorization, exercised time and price discretion after the business day on which the customer granted discretion.
Donald Louis Andersen: Fined $10,000; Suspended 10 business days in all capacities
Given the sexual politics on Wall Street, a lot of men in positions of authority "get the girl to do it" when it comes to something that seems a tad dicey from a compliance or regulatory perspective. Later on, when whatever the girl did blows up and the regulators come a knockin', well the old boys' playbook tends to call the same audible. The girl was ... Read On