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.

Thomas George Fullerton (Supervisor)
AWC/2007011920701/2009018009501

Fullerton intentionally or recklessly excessively traded customers’ accounts and recommended the transactions without having reasonable belief that such transactions were suitable in view of the size and frequency of the transactions, the nature of the accounts, and the customers’ financial situation, investment objectives and needs. Each of the customers was retired and elderly, and the accounts under Fullerton’s control represented a substantial percentage of the customers’ life savings and net worth, and each customer relied upon the account for income. Fullerton exercised discretionary power in each customer account without the customers’ prior written authorization and without obtaining his member firm’s written acceptance of the account as discretionary.

Thomas George Fullerton (Supervisor): Barred

Tags: Elderly  Discretion