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.

Michael Timothy Williams
AWC/2007011013801

Williams provided a prospective client with a piece of sales literature for a variable annuity that he had falsified by altering it. 

• The original time periods for charges associated with fund withdrawal had been deleted and replaced with handwritten shorter time periods, falsely reflecting lower charges associated with withdrawal of funds from the variable annuity; 
• the information regarding the annual contract fee and investment portfolio expenses were crossed out, falsely suggesting that they would not be imposed; and 
• additional charges associated with optional features were deleted, falsely suggesting that there were no additional fees for the optional features. 

Williams also made verbal misrepresentations to the client about the variable annuity that were consistent with the false information in the falsified sales literature.

Michael Timothy Williams: Fined $5,000; Suspended 1 year.