The NAC's Decision is commendable for showing a meaningful effort to truly understand the nuances of this case. There are times when the most intelligent ruling falls under the "Yes, but . . ." line of cases. This appears to have been one such instance. On Page 5 of the NAC Decision, it is noted by the Panel that

We find the nature of the customer order information that Nouchi falsified to be an aggravating factor in this case. It is essential for registered representatives to provide their firms with accurate information. See Charles E. Kautz, 52 S.E.C. 730, 734 (1996) (stating that "[t]he entry of accurate information on official Firm records is a predicate to the NASD's regulatory oversight of its members [and] lilt is critical that associated persons, as well as firms, comply with this basic requirement"). By miscoding order tickets, Nouchi deliberately ignored this fundamental responsibility. It also is aggravating that Nouchi had no good faith belief that her falsification ofthe order tickets was authorized by UBS. Indeed, Nouchi consistently has admitted throughout the proceedings that she knew her conduct was improper, and there is no evidence that she had any belief that she had authority to miscode the order tickets. In addition, we find it aggravating that Nouchi's misconduct lasted for a period of approximately six months.

There are, however, several factors that when considered together lead us to conclude that the sanctions for Nouchi's violations should fall within the lower range ofthe Guidelines. First, it appears that Nouchi's violations were motivated in part by her desire to assist her clients, some ofwhom needed monei immediately, but could not redeem the mutual funds at issue without incurring a penalty. 1 Second, Nouchi consistently accepted responsibility for her actions. I3 Third, we have considered the fact that Nouchi's 21 violative transactions generated less than $5,000 in CDSC waivers. 14 Finally, the Hearing Panel found Nouchi's expression of sincere remorse to be mitigating, and we do not disturb this finding.15