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.

Randall Allen Gissendaner
AWC/2009016709013

Gissendaner engaged in private securities transactions when he sold ULPs in various resort properties to investors. Gissendaner participated in a sale of a total of $172,989.23 worth of ULPs to investors and received approximately $15,380 in commissions from the sales. Prior to participating in these sales, Gissendaner failed to provide his member firm with written notice of the sales of ULP products, and failed to obtain the firm’s written approval. Gissendaner completed his firm’s Outside Business Activities/Private Securities Transactions form, and submitted his firm’s Annual Compliance Questionnaire and stated that he had no outside business activities or private securities transactions to report, and that he had not engaged in any private securities transactions while associated with the firm.

FINRA found that Gissendaner also falsely answered “No” when he was asked whether he accepted compensation from any person or entity that was not a firm-approved arrangement or that was not disclosed on his Outside Business Activities Questionnaire.

Randall Allen Gissendaner : Fined $20,500 (includes disgorgement of commissions); Suspended 5 months

Tags: Universal Lease Programs