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.

Dinesh Devraj Suchak Jr.
AWC/2010021600601

Suchak borrowed $1,500 from one of his customers at his member firm without seeking approval for the borrowing and without obtaining the firm’s prior written approval to borrow money from the customer. The loan terms were not memorialized in writing and when the borrowing occurred, the firm required representatives, before borrowing money from a customer, to obtain a designated official’s written approval. Suchak did not disclose to the firm that he had borrowed money from a customer.

Dinesh Devraj Suchak Jr. : Fined $2,500; Suspended 10 business days

Tags: Borrowing