Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2009
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.
Derek Jon Kuklenski
AWC/2008014018101

The exact wording of the relevant part of FINRA's report, is that Kuklensi :

misappropriated $200 in customer funds from his member firm by removing the funds from a cash drawer after regular business hours. 

Derek Jon Kuklenski: Censured and Barred
Bill Singer's Comment
Hey, I admit it--sometimes there's no satisfying me. This case I find idiotic because of his gentle slap and somewhat laughable sanction, whereas in Kleinerman I'm chastizing FINRA for being too tough. Oh well, this is my website and I guess that gives me whatever leeway I want. You don't like it? Start your own site. Go ahead. You sit down every month and read this endless regulatory cases and try to make sense of them.

Anyway, rant over, getting back to Kuklenski.  

I can't stand these euphemism cases. Here I thought that Bernie Madoff stole money by defrauding investors and I now learn that he merely "misappropriated" money by "removing the funds" from his client's accounts.  I mean, geez, would you wordsmiths at FINRA puhlease stop tidying up after these miscreants! Seems to me that Kuklenski stole $200 from a cash drawer.  Tell me where I'm wrong with that pointed rephrasing?

Finally, what the hell is a "Censure and Bar"?  Time and time again you just Bar the respondent and be done with him.  Why did this character wind up with a Censure--and who the hell cares about that wet noodle anyway?

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