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 Kyle Haas
2007011016301

Haas improperly borrowed $5,500 from member firm customers and memorialized the loan with a memorandum in which he promised to repay the loan. The loans were entered into after Haas affirmed his intent to abide by the firm’s code of conduct, which prohibited its representatives from borrowing money from customers with limited exceptions inapplicable here. Haas failed to repay the customers, or reimburse the firm for having done so. Haas confirmed his admission to his firm’s investigator that he had asked several other customers for loans, but had been refused.

Douglas Kyle Haas : Fined $15,000; Suspended 2 years

Tags: Borrowing