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.

Steven Gayne Winters (Principal)
OS/2009019911701

Winters willfully failed to timely amend his Form U4 to disclose a material fact and he borrowed $20,000 from a customer contrary to his member firm’s written procedures that expressly prohibited firm employees from borrowing money from, or lending money to, firm customers. Winters neither sought nor obtained approval from the firm before receiving the loan from the customer, and his arrangement with the customer did not satisfy any of the conditions set forth in NASD Rule 2370(a)(2)(A)-(E). To date, a $5,500 balance remains unpaid by Winters on the principal of the loan. 

Steven Gayne Winters (Principal): FIned $10,000; Ordered to pay $5,500 restitution to a customer; Suspended 8 months

Tags: Borrowed