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.

Patrick Joseph McConnell
AWC/2009020204101

McConnell received oral instructions from a customer to purchase a security when certain conditions occurred, McConnell purchased shares on a customer’s behalf when he did not speak to the customer on the date of purchase, did not have the customer’s written authorization to exercise discretion over either of the customer’s accounts, and did not have his member firm’s acceptance of the accounts as discretionary. McConnell executed trades in the customer’s accounts when the accounts were non-discretionary, and he was aware that the customer was deceased at the time of the trades. Although McConnell sought only to liquidate open positions in the deceased customer’s account, the customer had not previously ordered or authorized the trades.

Patrick Joseph McConnell : Fined $10,000; Suspended 30 days