Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2011
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.
December 2011 - View all for this month
Isaiah Solomon
AWC/2009020265401
AWC/2009020265401
Solomon participated in the sale of
securities outside his employment
at his member firm and failed to give written notice to his firm
of his intention to engage
in the transactions and obtain the firm’s authorization to engage
in such activities.
Solomon referred individuals, some of whom were his firm’s clients,
to an individual and
an entity so the customers could invest with the entity. The entity
initially claimed to offer foreign exchange trading opportunities,
but later claimed to
offer investments in a hedge fund that would engage in various
trading strategies; the
customers invested approximately $750,000 with the individual and
entity, and Solomon
also invested with the individual and entity. Solomon
introduced the customers to the individual, typically during a
conference call where the
individual promised guaranteed returns of 12 percent per year for
two years; Solomon
recommended the investment to most of the customers and received
$8,600 from the
entity for his efforts. Solomon
engaged in discussions with
the individual and the entity about possible employment with the
entity.
Isaiah Solomon : Fiend $15,000 (includes $8,600 disgorgement of financial benefit from sales); Suspended 18 months
Tags: FOREX Hedge Fund
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