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.

Vincent Michael McGuire
OS/2007008239001

McGuire and his member firm sold more than 27 million unregistered shares of a thinly traded penny stock into the public markets on customers’ behalf, resulting in proceeds of approximately $46,000 to the customers. McGuire acted as the registered representative for all of these sales.

McGuire and the firm failed to undertake adequate efforts to ascertain the information necessary to determine whether the customers’ unregistered shares could be sold in compliance with Section 5 of the Securities Act, and McGuire failed to determine how their customers came to obtain the stock or whether there was an applicable exemption to registration.

Vincent Michael McGuire: Fined $15,000; Suspended 45 days.

Tags: Unregistered Securities