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.

Jason Spencer May
AWC/2008013907501

Mays

• advised a customer to open an account at another FINRA member firm to reduce his options trading transaction costs,
  
• accepted discretionary trading authority from the customer for the account, and
  
• executed transactions in the customer’s account at the other firm using the customer’s login and password.
  

May did not

• advise his member firm in writing that he had discretionary trading authority for the customer’s account at another member firm prior to placing an order in the account, and
  
• did not notify the firm where the account was opened that he was associated with another FINRA member firm.

Jason Spencer May: No Fine in light of financial status; Suspended 60 days

Tags: Discretion