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.

Jesup & Lamont Securities Corp.
OS/2007007255603

Despite its addition of a business activity that required a higher minimum net capital requirement under SEC Rule 15c3-1, the Firm failed to file an application with FINRA for approval of a material change in its business operations. On a single date, the firm conducted a securities business while it maintained insufficient net capital, in that the firm failed to take an open contractual commitment charge for its participation in a firm commitment underwriting.

Jesup & Lamont Securities Corp.: Censured; Fined $17,500

Tags: Net Capital  Material Change of Business  Firm Committment Offering