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.

Patrick James Jensen
AWC/2007009082701

Jensen paid $18,000 to another firm’s trader and the trader’s relative so that the trader would continue to conduct his firm’s securities transactions through its account with Jensen. Also, while serving as the registered representative of record on a customer’s corporate account, Jensen shared in losses and gains in the account without written authorization from his member firm or the customer, and he did not share in the profits and losses in direct proportion to his financial contributions to the account. 

Patrick James Jensen: No fine in light of financial status; Suspended 1 year