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.

Timothy Martin Foster
AWC/2008015078602

Foster recommended to customers that they purchase UITs without having reasonable grounds to believe the recommendations were suitable based on the customers’ risk tolerance, investment experience, need for income, net worth, investable assets and annual income. Foster’s member firm paid the customers a total of $23,199.25 in restitution and compensated customers $124 for a missed breakpoint.

Timothy Martin Foster : Fined $10,000; Suspended 20 business days

Tags: UIT