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.
September 2010
Domenic Carlo Ruggiero AWC/2008015794901/September 2010
In his capacity as a financial consultant with his member firm, Ruggiero did not have authority or approval to sign or issue Letters of Credit, but he signed a Letter of Credit on the letterhead of the firm’s predecessor in the amount of $55,000 and gave it to a customer without the firm’s knowledge or authorization. Ruggiero signed another Letter of Credit on the firm’s letterhead in the amount of $75,000 and gave it to the customer without the firm’s knowledge or authorization. The beneficiaries of these Letters of Credit presented them to a bank, an affiliate of the firm, for payment. Ruggiero’s issuance of the unauthorized Letters of Credit to the customer caused the firm to pay a sum of money to the beneficiaries as part of a settlement in connection with the unauthorized Letters of Credit.
Ruggiero failed to appear for a FINRA on-the-record interview.