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.

First Dallas Securities Incorporated
AWC/2009016267801

The Firm implemented a succession plan that resulted in the transfer of ownership from the firm’s chairman and majority shareholder to his relatives who were at that time minority shareholders, and the transfer represented 27.91 percent of the voting shares in the firm’s holding company. The failed to file for FINRA approval of a material change in ownership or control

• at least 30 days prior to a 25 percent or greater indirect change in ownership or control; and
• related to the transfer until several years after the transfer had taken place.

First Dallas Securities Incorporated : Censured; FIned $10,000

Tags: Membership Agreement