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.

Richard Albert Seefried (Principal)
OS/2007008443101

Seefried exercised discretion in a customer’s account without the customer’s prior written authorization or his member firm’s acceptance of the account as discretionary. Seefried knowingly provided false information to the firm when he completed Registered Representative Compliance Summaries and did not provide affirmative answers regarding exercising discretion, causing the firm’s books and records to become inaccurate.

Seefried knew that a customer’s signature on a New Issue Certification was not genuine, but he submitted it, or caused it to be submitted, to the firm so that the customer could purchase securities in an initial public offering, where it became part of the firm’s books and records; thereby falsifying the firm’s records.

Seefried recommended and effected transactions in a customer’s account without having reasonable grounds for believing that the transactions were suitable based upon the facts the customer disclosed as to her other security holdings, financial situation and needs.

Richard Albert Seefried (Principal): In light of Seefried’s financial status, no fine was imposed; Suspended 3 months