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.

James Jonathon Fraser Buchanan
2008013001701

Buchanan misused more than $1,523,000 in customer and non-customer funds when he failed to invest the funds in investor certificates, warrants or any other investment. Buchanan provided investors with documents falsely representing confirmation of purchases. Buchanan participated in private securities transactions without prior written notice to his member firms. Buchanan failed to respond to FINRA requests for information.

James Jonathon Fraser Buchanan: Barred