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.

Douglas Seth Land
AWC/2008014999101

Shortly before resigning from his member firm to work at another member firm, Land caused telephone records at his firm to be altered without authorization, in that Land made inaccurate changes to customer telephone records electronically stored in his broker workstation in order to slow down other registered representatives who would be assigned to call his customers after he resigned. By changing customer telephone numbers, Land caused his member firm’s books and records to be inaccurate.

Douglas Seth Land: Fined $5,000; Suspended 1 month

Tags: Altered Customer Phone Records