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.

Manuel Peter Asensio
CAF20030067

Acting through Registered Principal Asensio, a member firm

• issued research reports that failed to define the meaning of each rating and that failed to disclose the distribution of the firm’s ratings; and
• made statements in research reports that were unwarranted or misleading.

Also, Asensio failed to fully respond to FINRA requests for information.

This decision has been appealed to the Securities and Exchange Commission (SEC) and the bar is in effect pending consideration of the appeal.

Manuel Peter Asensio: Fined $20,000; Barred