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.

Arthur Albert Halleen
OS/2008014611101

Halleen borrowed approximately $337,000 from customers without his member firm’s permission or knowledge and in violation of firm policy by telling customers that he would invest in unspecified products and in unspecified ways outside of their firm accounts, would repay them at interest rates between 5 percent and 12 percent, and provided promissory notes to some setting forth the terms. Halleen failed to repay more than $260,000 of the money he borrowed from customers. Halleen misappropriated $24,000 from a customer and refused to repay the customer when requested. Halleen failed to respond to FINRA requests for information and documents.

Arthur Albert Halleen : Barred

Tags: Borrowing