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.

Mark Francis Harper
2007011333401

Harper engaged in a pattern of mutual fund switching in customers’ accounts without having reasonable grounds for believing that the transactions were suitable for the customers. Harper placed buy and sell orders of mutual funds in customers’ accounts without the customers’ prior written authorization and his member firm’s prior written acceptance of the accounts as discretionary. Harper failed to timely amend his Form U4 to disclose a settlement with a customer for $23,041.02 in connection with his mutual fund switching.

Mark Francis Harper: Barred

Tags: Borrowing  Discretion