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.
November 2009 - View all for this month
John Carson Brake Sr.
AWC/2009017202601
AWC/2009017202601
Brake shared commissions with an unregistered person, a former employee of his member firm who asked him to submit variable annuity purchase applications on his behalf for execution through the firm. Without meeting or speaking with the prospective customer purchasers, Brake signed the applications, which caused them to reflect that he was the representative for the purchases, and then submitted the applications to the firm. Brake received commissions totaling approximately $9,000 for the purchases and paid approximately $7,850 of the commission to the unregistered person.
John Carson Brake Sr.: Fined $5,000; Suspended 15 business days in all capacities
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