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.

Martin David Batstone
AWC/2007007981001

Batstone participated in the sale by another registered representative to Batstone’s customers at the firm, of equity indexed annuities issued by companies with which Batstone was not an appointed agent. Batstone's customers were not aware that the firm did not have selling agreements with the issuing companies and did not approve its representatives’ sale of the subject products, or that the registered representative was acting as the authorized agent of record. Batstone participated in the sales by discussing general features and benefits of the equity indexed annuities, facilitating the transactions, and by either introducing the customers to the representative or providing their contact and financial information to the representative to complete the transactions.

Martin David Batstone: Fined $5,000; Suspended 10 business days

Tags: EIA