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.

David Laifer
OS/2007010941701

Laifer recommended and facilitated evasion of a bar that his member firm had imposed against further purchases of a thinly-traded pink sheet penny stock by matching up customers who were interested in buying and selling the shares, providing price quotes for the stock and processing instructions to transfer shares of the stock between customers' accounts. Laifer falsified documents that supported customer withdrawals or transfers by photocopying actual customer signatures from documents and taping the photocopied signatures on other forms and submitting the falsified documents to his member firm for processing. Laifer caused his member firm's books and records to be inaccurate by altering documents related to customer accounts, and executed discretionary and excessive trades in a customer's non-discretionary accounts without the customer’s written authorization and without his firm’s acceptance of the accounts as discretionary.

David Laifer : Fined $15,000; Suspended 15 months