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.

Choice Investments, Inc. and Donald Arthur Itzen (Principal)
AWC/2007007159701

Acting through Itzen, Choice 

• approved a research report for a company that was issued to the firm’s customers, but did not contain a disclosure that the firm had received compensation for investment banking services from the company, and
• failed to ensure that the research reports contained such disclosure. 

Choice issued subsequent research reports that did not contain such disclosure. 

Choice Investments, Inc.: Censured; Fined $20,000 ($10,000 Jt/severl with Itzen)

Donald Arthur Itzen (Principal): Fined $10,000 jt/sev with Choice; Suspended 20 business days in Principal capacity only.