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.

Michael Braden Golembiesky
AWC/2011026436301

Golembiesky borrowed $30,000 from a customer without his member firm’s knowledge or approval. The firm prohibited registered representatives from borrowing money from customers unless that customer was a member of the registered representative’s immediate family and the registered representative had requested and received prior written permission from the firm. The customer was not a member of Golembiesky’s immediate family and the loan was thus prohibited under the firm’s written procedures.

By the time the firm became aware that Golembiesky had borrowed money from the customer, Golembiesky had repaid the customer $10,000 on the loan. The firm’s bank affiliate repaid the balance of the loan to the customer’s estate.

Golembiesky entered into an agreement whereby Golembiesky promised to pay the bank $22,275 plus any applicable interest; Golembiesky has reduced the outstanding balance to $10,000.

Michael Braden Golembiesky : Fined $5,000; Suspended 30 days

Tags: Borrowing