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.

Matthew James Ferber Sr.
AWC/2009017295301

Ferber executed a promissory note in which he agreed to reimburse a firm customer $64,000 for losses in the customer’s account. The settlement was without his firm’s knowledge or authorization and violated firm policy that prohibited registered representatives from guaranteeing (through implication or statement) any profit or absorbing any loss for a client and settling customer complaints.

Matthew James Ferber Sr. : Fined $5,000; Suspended 30 business days

Tags: Promissory Notes