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Distinguished Toastmaster
BUSINESS & BRANDING COACH . LIFE & LEADERSHIP STRATEGIST MOTIVATIONAL SPEAKER SERVING ENTREPRENEURS & MAIN STREET |
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TERESA GUIDICE WENT TO JAIL WHILE 45 PAGES OF FINRA OCTOBER 2014 DISCIPLINED “OTHERS” WERE ONLY WALL STREET FINED & BARRED.... (c) Carrie Devorah:
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The US Attorneys Of The District Of New Jersey released the following press release, July 2013, stating “Stars Of ‘Real Housewives Of New Jersey’ Television Series Indicted On Fraud And Tax Charges.”
The Press Release continued, “Two of the stars of the Bravo television show “The Real Housewives of New Jersey” were charged today in a conspiracy to defraud lenders and illegally obtain mortgages and other loans as well as allegedly hiding assets and income during a bankruptcy case, U.S. Attorney Paul J. Fishman announced Teresa Giudice, 41, and her husband, Giuseppe “Joe” Giudice, 43, were charged with conspiracy to commit mail and wire fraud, bank fraud, making false statements on loan applications and bankruptcy fraud in a 39-count indictment returned today by a federal grand jury. The indictment charged that Joe “Giuseppe” Giudice failed to file tax returns for 2004 through 2008. Allegedly, Joe earned nearly $1 million during that time.
U.S. Attorney Paul J. Fishman said “The indictment returned today alleges the Guidices lied to the bankruptcy court, to the IRS and to a number of banks.” U.S. Attorney Fishman continued, “Everyone has an obligation to tell the truth when dealing with the courts, paying their taxes and applying for loans or mortgages. That’s reality.”
Special Agent in Charge A. Derek Evans said. “We are committed to our partnerships with federal, state, and local law enforcement to address mortgage fraud cases throughout the country. The American people need to be assured that their government is working to ensure integrity in the financial services and housing industries and that those involved in criminal misconduct that undermines that integrity will be held accountable."
Shantelle P. Kitchen, Special Agent in Charge, IRS-Criminal Investigation, Newark Field Office, said “Today’s indictment alleges the Giudices did not live up to their responsibilities by failing to file tax returns, falsifying loan applications and concealing assets in their bankruptcy petition. The reality is that this type of criminal conduct will not go undetected and individuals who engage in this type of financial fraud should know they will be held accountable.”
The Giudices were charged with:
(i) mail and wire fraud conspiracy utilizing faked mortgage and other loan applications in which the Giudices alleged to be employed and/or making huge salaries when that was not the case;
(ii) submitting faked W-2 Forms and fake paystubs purportedly issued by an employer;
(iii) intentionally concealed businesses owned, received;
(iv) making false oaths and declarations about assets and other.
Conspiracy to commit mail and wire fraud count carries a maximum potential penalty of 20 years of in prison and a $250,000 fine.
Bank fraud and loan application fraud counts each carry a maximum potential penalty of 30 years in prison and a $1 million fine.
Bankruptcy fraud counts each carry a maximum penalty of five years in prison and a $250,000 fine.
Failure to file a tax return counts each carry a maximum penalty of one year in prison and a $100,000 fine.
U.S. Attorney Fishman credited special agents of the Federal Deposit Insurance Corporation, Office of Inspector General, New York Region, under the direction of Special Agent in Charge A. Derek Evans; special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Shantelle P. Kitchen; and Region 3 U.S. Trustee Roberta DeAngelis and the Newark office of the U.S. Trustee, with the investigation which led to today’s indictment.
Joe and Teresa were sentenced October 2, 2014.
The government’s case was put on by Assistant U.S. Attorneys Jonathan W. Romankow and Rachael Honig of the U.S. Attorney’s Office, Criminal Division in Newark.
Teresa was defended by Henry E. Klingeman Esq. of Newark, New Jersey.
Joe was defended by Miles Feinstein Esq., Paterson
What if I could prove to you there are different sets of rules for Main Street and Wall Street, that people who harmed others did not go to jail, while Teresa did?
What would you say knowing what happened to Teresa and Joe happens all over America, daily…..
October 2014, men and women who harmed others, damaging lives, some permanently, did not go to jail for crimes committed, in fact, these men and women were not asked to plead guilty or innocent. All these men and women were asked to do, was to accept the fines and/or sanctions “without admitting or denying the findings”, no mention of “guilty” or “innocent.”
Forty five, 45, pages of business as usual on Wall Street, “Without admitting or denying the findings,” findingsv(https://www.finra.org/sites/default/files/publication_file/october%202014%20disciplinary%20action.pdf) , “Reported for October 2014” disciplinary actions against the following firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB). Eight, 8, pages of Firms listed, leaving thirty seven, 37, pages of people barred or suspended, not jailed, in FINRA Disciplinary or other actions, while a Mom of 5 went to jail for 18 months and a Dad of 5 preps for jail, himself, and possibly deportation, a prime example of two different sets of laws for Main Street and Wall Street.
The Guidices' crimes were not targeting others, not taking people's moneys, not forging someone else's name. The Guidices crimes were against themselves yet jail terms, felons, are who they are now, while Wall Streeters get barred, fined and crimes never known, not talked about publicly, no shaming and, no repayment.
The Guidices are on the hook to pay back millions, millions, even after serving time.
Everyone remembers Madoff. FINRA/NASD knew 50 years ago Madoff was selling No Product. Madoff was fined $500, then promoted within the Self Regulatory business league, expanding his business across the pond to the U.K. Go look for yourself at the screengrabs www.centerforcopyrightintegrity.com Search- Madoff. While you are at it, search FINRA.
FINRA is supposed to be the traffic cop of the securities industry dealing only with problems the brokers and brokerages have with each other. The ability for a FINRA, formerly NASD, to exist was created by Congress. Congress created a law. That law the Securities Act of 1933, created the Commission. That Commission was given the job of creating ‘helpers’. The ‘helpers’ are called S.R.O.s, self regulatory organizations, plural, S. No ‘s’ ever happened. Asses did. Greedy people who figured out how to benefit themselves at the expense of others.
Madoff? Madoff didn’t just sell “No Product” once. The S.R.O. knew since 1963 that Madoff sold “No Product” over and over and over again. So what the S.R.O. did was pick and choose between what Congress had in mind when it created the notion for S.R.O.s See the thing about Congress is that Congress comes up with ideas then asks the wrong people for public comment on how that ‘idea’ is working. The last people to ask for ideas you would think are the wolves guarding the henhouse, which is exactly what Congress does. In a way, Congress is feeding the beasts that keeps Congress in their benches. Citizens? Well, look at the Guidices sentence. Look below at how FINRA did not do what citizens have to do, ‘see something say something’, tell the cops.
The S.R.O. said nothing to law enforcement. Joe maybe sent back to Italy because the top cops wanted to make an example of Reality TV stars when in fact, one month alone, 45 pages of the FINRA disciplined, broke laws the Teresa and Joe’s and Martha Stewarts are jailed for. FINRA dues paying members? Dusted off, put back to business maybe short a few Franklins and forced time away from selling securities but still able to sell different financial product to others as long as that person is (i) using their own name not an alias as is done (ii) selling a financial product that does not require membership in FINRA, the only existing, ever S.R.O. Somehow, the Commission, the S.E.C. never made the failure to have multiple S.R.O.s a priority.
Below is the FINRA disciplinary report for the same month and year that Teresa was sentenced, October 2014, 45 pages of disciplinary actions against Wall Street firms and dues paying business league members. This does not include any of the client complaints that were settled, withdrawn, paid off or expunged. Expunged means to be removed as if the crime or complaint never occurred.
This October 2014 disciplinary report confirms there is protectia for Wall Street criminals doing far worse crimes to others than the crimes that Teresa and Joe went to jail for:
FINRA Case #2012032033101:
Robert Thomson Angle (CRD #811495, San Francisco, California)
Submitted an AWC in which he“Without admitting or denying the findings,” that barred from association with any FINRA member in any capacity that failed to provide FINRA-requested information and documents claiming firm did not have access to them and its former clearing firms would not release the documents to him.
FINRA Case #2012034393401:
Suspension from September 15, 2014 through September 26, 2014
Daniel P. Barthold (CRD #5291827, North Bellmore, New York)
Submitted an AWC in which he “Without admitting or denying the findings,” that with two other registered representatives, attempted to settle a customer complaint away from their member firm by agreeing to jointly pay $4,000 to the customer and by sending $1,500 cash to customer without firm’s knowledge or consent.
FINRA Case #2012032757402:
Suspended from August 18, 2014 through June 17, 2015
Trent W. Batchelor (CRD #5200282, Chicago, Illinois)
Submitted an AWC in which he “Without admitting or denying the findings,” that he resubmitted the disclosure forms after forging client missing information relating to prospectus delivery and withdrawal privileges.
FINRA Case #2011030400501:
Suspended from August 18, 2014, through February 17, 2016
Alan J. Becker (CRD #4870553, Bedford, New Hampshire)
Submitted an AWC in which he “Without admitting or denying the findings,” consented to unsuitable recommendations, inaccurate statements failure to disclose risk, failure to disclose material facts, effected surrender of a customers variable annuity with a face value of $1,500,000 on the customer’s behalf, recorded false information on VUL policy applications for four customers net worth, signed applications containing false information of net worth, created and maintained inaccurate books and records.
FINRA Case #2012033713801:
Suspension is in effect from September 2, 2014, through March 1, 2016
Stephen Jeffrey Campbell (CRD #848337, Mystic, Connecticut)
Submitted an AWC in which he “Without admitting or denying the findings,” consented to sanctions and entry of findings excessively and unsuitable unauthorized traded the accounts, improper trading resulting in a loss of $62,000 in the customer’s accounts, while generating total gross commissions of approximately $64,000.
FINRA Case #2014041231501:
Jose Martin Canales (CRD #1945614, El Paso, Texas)
Submitted an AWC in which he “Without admitting or denying the findings,” consented to that advised FINRA that would not appear for testimony or provide documents and information requested
FINRA Case #2011025846904:
Suspension is in effect from September 15, 2014, through December 14, 2014 Paul Hunter Carleton (CRD #707186, Shaker Heights, Ohio)
Fined $7,500 and suspended from association with any FINRA member in any capacity for three months Submitted an AWC in which he “Without admitting or denying the findings,” consented engaged in a private securities transaction member firm’s written authorization to do so; effectuated purchase without going through firm
FINRA Case #2013037774401:
Suspension is in effect from August 18, 2014, through August 17, 2015
Pedro Castaneda (CRD #5061163, Chicago, Illinois)
Deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for one year. Submitted an AWC in which he “Without admitting or denying the findings,” consented that printed a duplicate debit card for a bank customer’s checking account and used it or a $505.08 personal transaction
FINRA Case #2012035229401: Thomas Joseph Centeno (CRD #3001882, Glen Ellen, Illinois)
Barred from association with any FINRA member in any capacity. Submitted an AWC in which he “Without admitting or denying the findings,” consented that converted $11,130 from insurance premium fund account, improperly withdrew and diverted funds for own use, rather than their intended purpose as insurance premiums.
FINRA Case #2013039027901: Toni T. Chen (CRD #2827024, Monterey Park, California)
Barred from association with any FINRA member in any capacity. Submitted an AWC in which he “Without admitting or denying the findings,” consented that failed to provide FINRA-requested data; failed to appear for on-the-record testimony in connection with an investigation concerning possible violations of the federal securities laws
FINRA Case #2014041664801: Kwen Young Chun (CRD #3136403, Midland Park, New Jersey)
Barred from association with any FINRA member in any capacity. Submitted an AWC in which he “Without admitting or denying the findings,” consented that converted Client $201,144 variable annuity and insurance policy in nine disbursements forging customer’s name on seven annuity withdrawal forms; requested two loans from customer’s insurance policy directing funds to Chun checking account opened in the customer’s name without the customer’s authorization or knowledge.
FINRA Case #2013035441402: Suspension is in effect from August 18, 2014, through November 17, 2014
Daniel Timothy Cowperthwaite (CRD #1398178, Pinecrest, Florida)
Deferred $5,000 fine, suspended from association with any FINRA member in any capacity for three months. Submitted an AWC in which he “Without admitting or denying the findings,” consented that improperly received two loans, totaling approximately $4,300 from firm customer without firm’s knowledge or approval.
FINRA Case #2012033280801: Suspension is in effect from August 18, 2014, through October 16, 2014
John R. Crittenden (CRD #1704862, Newport Beach, California)
Suspended from association with any FINRA member in any capacity for 60 days. In light of Crittenden’s financial status, no monetary sanction has been imposed. Submitted an AWC in which he “Without admitting or denying the findings,” consented that failed to amend his Form U4 to disclose unsatisfied tax liens.
FINRA Case #2014039917701: Savitri Deodat (CRD #5751186, Brooklyn, New York)
Submitted an AWC in which she was barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” Deodat consented to the sanction and to the entry of findings that during the course of an ongoing FINRA investigation, she failed to appear and provide on-the-record testimony. The findings stated that FINRA was investigating allegations that Deodat misappropriated approximately $24,000 from two customers.
FINRA Case #2014041225201: Suspension is in effect from August 18, 2014, through February 17, 2016
Nathan Eppley (CRD #6276290, Dillsburg, Pennsylvania) Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for 18 months. Submitted an AWC in which he “Without admitting or denying the findings,” consented that cheated on Series 6 exam during bathroom break
FINRA Case #2013035565401: Suspension was in effect from September 2, 2014, through October 1, 2014 Robert Charles Fontaine (CRD #3073571, Oconomowoc, Wisconsin)
Fined $10,000. Submitted an AWC in which he “Without admitting or denying the findings,” consented that recommended and sold to two customers $121,000 of unsuitable renewable secured debentures, an illiquid and high-risk alternative investment; sold $25,000 of the debentures to another customer and did not have a reasonable basis for making such a recommendation.
FINRA Case #2007009250301: Suspension is in effect from September 2, 2014, through October 31, 2014
Christopher John Forbes (CRD #727535, New York, New York), Marie-Regina Forbes (CRD #2106108, New York, New York), Patricia Mary Forbes (CRD #2241513, Brooklyn, New York) and Raymond James Forbes (CRD #1195375, Dunewood, New York)
Settlement. Deferred fine of $60,000, suspended from association with FINRA members in any capacity for seven months. Marie-Regina fined $10,000, suspended from association with any FINRA member in a principal capacity—except for her activities as a Financial and Operations Principal (FINOP)(S27)—for five months. Forbes was fined $5,000. Forbes was assessed deferred fine of $10,000 and suspended from association with any FINRA member in a principal capacity for 60 days. Submitted an AWC in which he “Without admitting or denying the findings,” consented that engaged in pre-arranged trading, matched orders, pre-arranged trades with a firm proprietary account or a firm customer, violated FINRA Rule 2020 and NASD Rule 2120, investigate and report, where failed to investigate appropriate, suspicious activity, including manipulative trading activity, such as marking the open or close or pre-arranged trading activity.
FINRA Case #2013036031401: Suspension was in effect from August 4, 2014, through October 2, 2014
Jesse Ryan Gerulis (CRD #6156911, Huntington Beach, California)
Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for 60 days. Submitted an AWC in which he “Without admitting or denying the findings,” consented that failed to disclose a felony drug possession charge on his Form U4.
FINRA Case #2012033457301: Suspension is in effect from September 2, 2014, through March 1, 2016
Mark Allen Gowin (CRD #2434906, Chesapeake, Virginia)
Deferred fine of $10,000, suspended from association with any FINRA member in any capacity for 18 months Submitted an AWC in which he “Without admitting or denying the findings,” consented that effected purchases of the company’s shares for customer accounts, exercised trading discretion without a customer’s or Gowin’s member firm’s written approval; executed unauthorized securities transactions; provided false or misleading responses to FINRA in a written submission and in sworn testimony regarding the unauthorized trades for a customer’s account.
FINRA Case #2012034062201: Suspension is in effect from August 4, 2014 through December 3, 2014
Michael J. Greenholt (CRD #4402305, Geneva, Illinois) Deferred fine of $5,000, suspended from association with any FINRA member for four months. Without admitting or denying the findings, Greenholt consented to Submitted an AWC in which he “Without admitting or denying the findings,” consented that filed to disclose tax liens on U4, failed to respond demand for data
FINRA Case #2012034479801: Suspension is in effect from September 8, 2014, through December 7, 2014
Steven Charles Guggenheimer (CRD #1646257, New York, New York)
Fined $25,000, suspended from association with any FINRA member in any capacity for three months. Submitted an AWC in which he “Without admitting or denying the findings,” consented that implemented and/or executed discretionary trades in customers’ accounts without the customers’ authorization. Filed misleading information on forms
FINRA Case #2014041192301: Arhonda T’Lene Guinn (CRD #4401132, Vero Beach, Florida)
Barred from association with any FINRA member in any capacity. Submitted an AWC in which he “Without admitting or denying the findings,” consented that converted $12,100 from a customer’s account for own use and benefit; falsified a Letter of Authorization the customer had previously signed using customer’s funds to pay rent
FINRA Case #2012034739701: Suspension was in effect from September 2, 2014, through September 15, 2014
Richard Happle (CRD #1095540, St. Petersburg, Florida)
Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for 10 business days. Submitted an AWC in which he “Without admitting or denying the findings,” consented that failed to execute customer trade order.
FINRA Case #2012035213701: Suspension is in effect from September 2, 2014, through November 1, 2014
Daniel Ray Hartley (CRD #1141270, Portage, Michigan)
Fined $10,000, suspended from association with any FINRA member in any capacity for two months Submitted an AWC in which he “Without admitting or denying the findings,” consented that solicited a loan from a customer for $150,000 that Hartley failed to disclose to his firm and on his Form U4 four IRS liens filed against him.
FINRA Case #2013037947001: Suspension is in effect from August 18, 2014, through February 17, 2016
Shan He (CRD #6125385, New York, New York)
Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for 18 months. Submitted an AWC in which he “Without admitting or denying the findings,” consented that was in possession of unauthorized test-related materials during a restroom break.
FINRA Case #2013037806801: Suspension is in effect from August 18, 2014, through November 17, 2014
Patrick Eugene Herndon (CRD #1501000, Newburyport, Massachusetts) Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for three months. Submitted an AWC in which he “Without admitting or denying the findings,” consented that failed to timely amend his Form U4 to disclose Federal tax liens
FINRA Case #2014040699201: Nancy Sue Hogan (CRD #3170359, Jeffersonville, Indiana)
Barred from association with any FINRA member in any capacity. Submitted an AWC in which he “Without admitting or denying the findings,” consented that failed to respond to FINRA requests to provide information that misappropriated funds from customers and a bank.
FINRA Case #2012034393402: Suspension was in effect from September 15, 2014, through September 26, 2014
Marc Neil Kalter (CRD #1998911, Great Neck, New York)
Suspended from association with any FINRA member in any capacity for 10 business days. In light of Kalter’s financial status, no monetary sanction has been imposed. Submitted an AWC in which he “Without admitting or denying the findings,” consented that that with two other registered representatives, attempted to settle customer complaint away from their member firm by agreeing to jointly pay $4,000 to the customer and by sending $1,500 in cash to the customer in furtherance of the settlement
FINRA Case #2013037774601: Suspension is in effect from September 2, 2014, through March 1, 2015
Daniel Alexander Kwiatkowski (CRD #1443507, Salisbury, Maryland)
Submitted an AWC in which he was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for six months. Without admitting or denying the findings, Kwiatkowski consented to the sanctions and to the entry of findings that he willfully failed to amend his Form U4 to disclose felony theft charges against him.
FINRA Case #2012034936003: Suspension is in effect from September 2, 2014, through November 1, 2014
Jason Price Lamb (CRD #3248356, Hermitage, Tennessee)
Fined $10,000, suspended from association with any FINRA member in any principal capacity for two months “Without admitting or denying the findings,” consented to high-risk debenture purchases without considering whether those purchases were consistent with the customers’ investment objectives, risk tolerances, financial conditions, ages or liquidity needs.
FINRA Case #2013038926501: Suspension is in effect from September 15, 2014, through November 14, 2014
Scott Howard Lane (CRD #2069843, Moseley, Virginia)
Fined $5,000, suspended from association with any FINRA member in any capacity for two months. “Without admitting or denying the findings,” consented that altered a document signed by firm customer, cut-and-pasted the signature of a non-firm customer; cut-and-pasted the non-firm customer’s signature onto the new account
FINRA Case #2013037033501: Suspension was in effect from August 18, 2014, through October 1, 2014
Barry Thomas Larkin (CRD #4348239, Matawan, New Jersey)
Deferred fine of $5,000; suspended from association with any FINRA member in any capacity for 45 days. “Without admitting or denying the findings,” consented that failed to provide written notice to his member firm prior to engaging in outside business activities or receipt of compensation and expense reimbursements totaling $25,500.
FINRA Case #2011029916501: Kent George Lehman (CRD #5071373, Orange, California)
Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that improperly borrowed money from a customer and then falsely represented to member firm in a sales questionnaire that he had not; failed to comply with the firm’s written policies and procedures
FINRA Case #2012034071701: Suspension is in effect from September 2, 2014, through June 1, 2015
John Roy Logan (CRD #2801958, Tupelo, Mississippi) Deferred fine of $20,000, suspended from association with any FINRA member in any capacity for nine months. “Without admitting or denying the findings,” consented that borrowed $400,000 from customer without prior written approval from the firm’s compliance department
FINRA Case #2013037407801: Suspension was in effect from September 15, 2014, through October 14, 2014
Jose Fernando Lozano (CRD #5619625, Miami, Florida)
Fined $5,000, suspended from association with any FINRA member in any capacity for one month. “Without admitting or denying the findings,” consented that affixed customer signatures to wire transfer instructions to effectuate a bona fide transfer of funds from customers’ account to a third party for the purchase of real property
FINRA Case #2014040814201: Michael Evan Mannasse (CRD #4838998, Teaneck, New Jersey)
Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that filed false fraud claims regarding unauthorized transactions on his personal debit crediting $4,325.42 back to his bank account
FINRA Case #2012032117701: Ramona Catherine Massimo (CRD #2862818, Rio Rancho, New Mexico)
from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented of unauthorized, forged supervisors signature on checks made payable to herself and unauthorized credit card purchases, obtained funds and property totaling approximately $102,047; converted funds by improperly charging personal expenses on the business credit card
FINRA Case #2013037217701: Suspension is in effect from September 2, 2014, through June 1, 2015
Laura J. McSparren (CRD #1738773, Durango, Colorado)
Deferred fine of $10,000, suspended from association with any FINRA member in any capacity for nine months. “Without admitting or denying the findings,” consented that submitted falsified expense reports to her member firm, containing claims for $20,500, along with falsified supporting documents purporting to substantiate those expenses became part of the firm’s records, McSparren caused the creation of false books and records.
FINRA Case #2009019837302: Blair Christopher Mielke (CRD #1878222, Evansville, Indiana) and Frederick William Shultz (CRD #5239977, Evansville, Indiana) Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that engaged in undisclosed outside business activities and made misstatements on their firm’s compliance questionnaires failed to disclose outside business activities, causing firm to maintain inaccurate books and records, misused customer funds by misallocating them to a limited liability company as profits, and failed to appear timely for FINRA on-the-record testimony.
FINRA Case #2013037063101: Suspension is in effect from September 2, 2014, through December 1, 2014
Frederick I. Milbert (CRD #2589975, Elkins Park, Pennsylvania)
Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for three months. “Without admitting or denying the findings,” consented that failed to timely amend his Form U4 to disclose a misdemeanor criminal charge, and failed to disclose state tax lien, a Federal tax lien and a civil judgment on his Form U4.
FINRA Case #2013037552501: Joshua Craig Miracle (CRD #4311488, Akron, Ohio)
Submitted an AWC in which he was barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” Miracle consented to the sanction and to the entry of findings that in accommodation to his customers, he forged five customers’ signatures or initials on account opening agreements and disclosure documents relating to the purchase of securities. The findings stated that Miracle willfully failed to timely disclose a compromise with creditors on his Form U4. The findings also stated that Miracle failed to respond to a request for information from FINRA, which sought additional information relating to the forgery of customer initials and signatures on account opening agreements and disclosure documents.
FINRA Case #2011029262201: John Joseph Misulia (CRD #5330650, New York, New York)
Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that used corporate credit card for personal expenses.
FINRA Case #2013036319301: Dan Moss Jr. (CRD #341422, Atlanta, Georgia) Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that failed to disclose that elderly customer had named him as the primary beneficiary of her estate, and granted Moss’ wife general power-of-attorney, granted Moss successor power-of-attorney, and named Moss’ wife as executrix of the customer’s estate. The findings stated that Moss’ failure to disclose his beneficiary status and the fiduciary positions he and his wife held prevented the firm from addressing conflicts of interest
FINRA Case #2013036970701: Pamela Grace Musiimire (CRD #5125577, New York, New York)
Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that converted more than $14,600 in customers’ bank funds for her personal use, opened a second account in the customer’s name, converted more than $9,600 using the ATM cards she created, provided false statements and testimony to FINRA during the course of its investigation into one of the loans, falsely stated that actions in connection with the loan were authorized by another customer with the same name, but undertaken by mistake in the wrong account.
FINRA Case #2014040776301: Suspension was in effect from August 18, 2014, through September 16, 2014
Thomas Askew Oliphant (CRD #352031, Waxahachie, Texas)
Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for 30 days. “Without admitting or denying the findings,” consented that borrowed $60,000 from two customers of his member firm, did not disclose the loans to his firm
FINRA Case #2014041710401: Brendan John Osweiler (CRD #5977793, Plainfield, Indiana)
Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that failed to disclose that forged the signature of an elderly firm customer on two checks, deposited and used for own personal use, made misrepresentations but the bank became suspicious
FINRA Case #2014041705101: Ane S. Plate (CRD #1977401, Deland, Florida) Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that failed to disclose that effected 15 unauthorized trades in a customer’s member firm account, resulting in cash proceeds of $176,080, arranged for 15 checks, payable to her, to be issued from the customer’s bank account, and deposited all 15 checks, totaling $132,358, into her own bank account , arranged for bi-weekly transfers from the customer’s firm account to a bank account that belonged to her relative.
FINRA Case #2013038800201: Jimmy Earl Power Jr. (CRD #3045120, Fayetteville, Arkansas)
Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that failed to disclose that misused $5,000 in customer funds, made personal use of the funds without the customers’ knowledge or consent.
FINRA Case #2011025444502: Suspension is in effect from August 18, 2014, through February 17, 2015
Edwin Quinones (CRD #2014200, South Boston, Massachusetts)
Deferred fine of $10,000, suspended from association with any FINRA member in any capacity for six months. “Without admitting or denying the findings,” consented that failed to detect and report multiple red flags indicative of potentially suspicious activity related to several of his customers that Quinones received high commissions from; Several of these individuals had criminal backgrounds and alleged ties to organized crime
FINRA Case #2012034400901: Suspension is in effect from August 18, 2014, through October 17, 2014
Mehran Sadri (CRD #2256323, Irvine, California) Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for two months. “Without admitting or denying the findings,” consented that failed to disclose that failed to timely amend his Form U4 to disclose a tax lien.
FINRA Case #2012034811001: Suspension is in effect from August 18, 2014, through November 17, 2014
Grisel Saez (CRD #4406648, Kailua, Hawaii) Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for three months. “Without admitting or denying the findings,” consented that failed to disclose that electronically signed account-opening documents for customers without their knowledge or consent causing firm’s books and records to be inaccurate.
FINRA Case #2012034686801: Sally Samaris (CRD #2957114, Woodland Hills, California)
Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that failed to provide FINRA requested documents and information on a completed criminal matter and a pending criminal matter, advised FINRA that she would not appear for testimony or further respond to requests for information and documents
FINRA Case #2013037841701: Suspension is in effect from September 2, 2014, through September 1, 2015
Ned Michael Shanahan (CRD #1438885, Danville,
Pennsylvania) Deferred fine of $15,000, suspended from association with any FINRA member in any capacity for 12 months and barred from association with any FINRA member in any principal capacity. “Without admitting or denying the findings,” consented that failed to disclose that provided FINRA with false documentation in connection with its examination of his member firm, signed and backdated customers’ introductory cover letters and placed them in the files provided to FINRA ultimately acknowledged that the letters (and attachments) were never actually mailed; created and backdated annual certifications and related annual reports; admitted signing firm’s former Chief Executive Officer name on three annual reports; branch audit documents that had not occurred.
FINRA Case #2012035196601: Suspension is in effect from September 2, 2014, through September 1, 2016 Travis Sherwood Shannon (CRD #2302453, Santa Barbara, California) Deferred fine of $25,000, suspended from association with any FINRA member in any capacity for two years and ordered to pay deferred disgorgement in the amount of $138,500, plus interest “Without admitting or denying the findings,” consented that failed to disclose that participated in private sales of $1,885,000 worth of securities, including securities issued by his two outside business activities; willfully failed to timely amend his Form U4 to report two bankruptcy filings and completely failed to report another bankruptcy.
FINRA Case #2013037539401: Suspension was in effect from August 18, 2014, through September 17, 2014 Sihua Shen (CRD #3036612, Andover, Massachusetts) Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for one month. “Without admitting or denying the findings,” consented that failed to disclose that copied and pasted non-genuine signatures of four separate customers on two mutual fund order forms (MFOFs) and one account application.
FINRA Case #2012034830101: Suspension is in effect from August 4, 2014, through February 3, 2016
Vanessa Singh (CRD #6079733, Sunnyside, New York)
Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for 18 months. “Without admitting or denying the findings,” consented that failed to disclose that was in possession of unauthorized test-related materials during her Series 66 licensing examination.
FINRA Case #2013038196001: Craig Shiver Smith (CRD #3103610, Birmingham, Alabama)
Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that failed to disclose that engaged in unauthorized trades in connection with a customer’s account, and exercised time and price discretion with respect to trades without written authority. The findings stated that a customer of his member firm instructed him to immediately sell the equities positions in his account, which totaled approximately $64,000. Smith performed the unauthorized trades in order to generate commissions.
FINRA Case #2013037266401: Suspension is in effect from August 18, 2014, through October 17, 2014
Leroy T. Smith III (CRD #5232930, Louisville, Kentucky)
Deferred fine of $5,000, suspended from association with any FINRA member in any capacity for two months. “Without admitting or denying the findings,” consented that failed to disclose that forged the customer’s initials and/or signature on documents necessary for the customer to purchase a variable annuity, and on a contract delivery receipt the customer had not received.
FINRA Case #2013035761501:
Suspension is in effect from August 18, 2014, through February 17, 2015
Andrew Scott Taubman (CRD #4433933, Weston, Florida)
Deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for six months. “Without admitting or denying the findings,” consented that failed to disclose that failed to timely disclose an outside business activity. The findings stated that while Taubman disclosed never disclosed on any Form U4 with another member firm. The findings also stated that FINRA discovered nine other businesses that Taubman was affiliated with that he failed to disclose to his firm or include on his Form U4. Taubman represented that his Form U4 was accurate and complete
FINRA Case #2012033574301:
Suspension is in effect from August 18, 2014, through February 17, 2015
David Ray Taylor (CRD #4133415, Edmonds, Washington)
Deferred member in any capacity for six months. “Without admitting or denying the findings,” consented that failed to disclose that engaged in an outside business activity and participated in private securities transactions without providing prior written notice to his member firm. Taylor and his business partner formed a company of which Taylor served as its president, and received compensation in the form of expense reimbursements and a salary. Taylor sold securities totaling $395,000 to investors in a series of transactions.
FINRA Case #2014040379101:
Ronald Willard Vaught (CRD #2605545, Melbourne, Florida)
Barred from association with any FINRA member in any capacity. “Without admitting or denying the findings,” consented that failed to disclose that failed to update an elderly customer’s firm Trustee Certification form to disclose amendments to her living trust agreement and identify himself as the successor trustee and beneficiary. Upon the customer’s death, Vaught became trustee to the trust; Vaught falsified, or caused to be falsified, the signature of the customer and the signature date on a business-related form. The customer could not have signed and dated the form. She was deceased. Vaught converted funds from the trust by improperly making a distribution to his daughters from the trust without first deducting prior monetary gifts as required by the trust and by making distributions to himself that were not authorized by the trust. The customer intended all monetary gifts given to Vaught’s daughters
FINRA Case #2012031920601:
Suspension was in effect from August 18, 2014, through October 1, 2014
Terence Douglas Welsh (CRD #2270902, Newport Beach, California)
Fined $7,500, suspended from association with any FINRA member in anycapacity for 45 days. “Without admitting or denying the findings,” consented that failed to disclose that failed to file or timely file amendments to his Form U4 to disclose various tax liens.
FINRA Case #2012034393403:
Suspension was in effect from September 15, 2014, through September 26, 2014
David Robert Wolk (CRD #2945630, New York, New York)
Fined $2,500, suspended from association with any FINRA member in any capacity for 10 business days. “Without admitting or denying the findings,” consented that failed to disclose that Wolk consented to the sanctions and to the entry of findings that attempted to settle a customer complaint away from their member firm without the firm’s knowledge or consent by agreeing to jointly pay the customer $4,000
FINRA Case ##2011027660701: Michael David Zukowski (CRD #1922539,Dennis, Massachusetts) Suspended from association with any FINRA member in any capacity for six months. In light of Zukowski’s financial status, no monetary sanction has been imposed. “Without admitting or denying the findings,” consented that failed to disclose that funds (non-traditional ETFs) to customers, without performing reasonable diligence that non-traditional ETF purchase transactions to customers who had investment objectives of conservative growth and long-term growth. The customers at issue lost approximately $1,094,490 on these investments. The suspension is in effect from August 18, 2014, through February 17, 2015
Go back. Read again what the Guidices were charged with “(i) mail and wire fraud conspiracy utilizing faked mortgage and other loan applications in which the Giudices alleged to be employed and/or making huge salaries when that was not the case;
(ii) submitting faked W-2 Forms and fake paystubs purportedly issued by an employer;
(iii) intentionally concealed businesses owned, received; (iv) making false oaths and declarations about assets and other.”
Now, go back again. Read the penalties for the counts the Guidices were charged with:
(i) “Conspiracy, mail and wire fraud- count max 20 years of in prison and a $250,000 fine.”
(ii) “Bank fraud , loan application fraud- each count carries a max of 30 years in prison and a $1 million fine”
(iii) “Bankruptcy fraud- count max of five years in prison and a $250,000 fine”
(iv) “Failure to file a tax return- count max of one year in prison and a $100,000 fine”
Failed to disclose release documents demanded for an investigation
Failed to disclose tried to pay off a customer to settle a customer complaint without telling the firm
Failed to disclose forging client missing information relating to prospectus delivery and withdrawal privileges.
Failed to disclose material facts; recorded false net worth information on applications; created and maintained inaccurate books and records.
Failed to disclose appear for testimony or provide requested documents and info
Failed to disclose that effected purchases without going through firm
Failed to disclose that printed a duplicate debit card for a bank customer’s checking account and used it
Failed to disclose stealing from an insurance premium fund account for own use
Failed to appear to testify in a hearing on violations of the federal securities laws
Failed to disclose stole client’s variable annuity; forged customer’s name on annuity withdrawal forms; requested loans from customer’s insurance policy go in to a checking account opened in customer’s name without customer’s knowing
Failed to disclose that took loans from firm customer without firm approving
Failed to disclose unsatisfied tax liens on U4
Failed to disclose stole thousands from customers
Failed to disclose cheated on Series 6 exam
Failed to disclose improper recommendations to clients
Failed to disclose conspiracy to manipulate trading activity
Failed to disclose felony drug possession charge on U4.
Failed to disclose executed unauthorized securities transactions; provided false or misleading responses to FINRA
Failed to disclose tax liens on U4, failed to respond demand for data
Failed to disclose executed discretionary trades in customers’ accounts without the customers’ authorization. Filed misleading information on forms
Failed to disclose from a customer’s account for own use and benefit; falsified a Letter of Authorization
Failed to disclose that failed to execute customer trade order
Failed to disclose that solicited a loan from a customer for $150,000; failed to disclose multiple tax liens on U4
Failed to disclose caught with test-related materials during a restroom break
Failed to disclose to disclose Federal tax liens
Failed to respond to FINRA requests to provide information that misappropriated funds from customers and a bank
Failed to disclose multiple payments to client to keep client complaint away from firm
Failed to disclose felony theft charges
Failed to disclose account activity inconsistent with the customers’ investment objectives, risk tolerances, financial conditions, ages or liquidity needs
Failed to disclose that altered a document signed by firm customer, cut-and-pasted the signature of a non-firm customer; cut-and-pasted the non-firm customer’s signature onto the new account
Failed to disclose to member firm engaging in outside business activities or receipt of compensation and expense reimbursements
Failed to disclose that ‘borrowed money’ from a customer then lied to member firm that didnt
Failed to disclose that borrowed hundreds of thousands from customer without firm compliance department approving
Failed to disclose forged customer signatures for wire transfer instructions to transfer funds from customers’ account to unrelated accounts
Failed to disclose that filed false fraud claims regarding unauthorized transactions back to his bank account
Failed to disclose forged supervisors signature on checks payable to self, unauthorized credit card purchases
Failed to disclose that submitted falsified expense reports to firm, falsified supporting documents purporting to substantiate those expenses, creating false books and records.
Failed to disclose that engaged in undisclosed outside business activities, made misstatements, failed to disclose business activities, maintained inaccurate books and records, misrepresented misused customer funds
Failed to disclose on U4 misdemeanor criminal charge, state tax lien, Federal tax lien and civil judgment
Failed to disclose that borrowed $400,000 from customer (slightly forgot to tell the customer)
Failed to disclose that put customer signatures on wire transfer instructions to transfer of funds from customers’ account
Failed to disclose that filed false fraud claims regarding unauthorized transactions on his personal debit
Failed to disclose forged supervisors signature on checks payable to herself; unauthorized firm credit card purchases
Failed to disclose that falsified expense reports; falsified supporting documents; caused the creation of false books and records
Failed to disclose outside business activities; maintained inaccurate books and records; misused customer funds; failed to appear for on-the-record testimony
Failed to disclose on Form U4 to criminal charge, and state tax lien, a Federal tax lien and a civil judgment
Failed to disclose that forged customers’ signatures or initials; a compromise with creditors
Failed to disclose used corporate credit card for personal expenses
Failed to disclose that an elderly customer named him primary beneficiary of her estate, and gave wife general power-of-attorney, successor power-of-attorney, and executrix
Failed to disclose that stole money from a clients account; stole the clients identity to open an account in clients name; gave false statements; gave false testimony
Failed to disclose ‘borrowed’ “a loan” of thousands from a client account
Failed to disclose that forged an elderly firm customer signature on checks for personal use. Bank ratted them out, not the business league S.R.O. FINRA
Failed to disclose made unauthorized trades in a customer’s account for personal and relatives’s use
Failed to disclose that misused customer funds for personal use of the funds
Failed to disclose customers had criminal backgrounds and alleged ties to organized crime
Failed to disclose a tax lien on U4
Failed to disclose forged electronically signed customer account-opening documents; caused firm’s books and records to be inaccurate
Failed to turn over documents on criminal matters; refused to appear for testimony or to cooperate
Failed to disclose that submitted to S.R.O faked documentations including forged customer introductory letters signed and backdated annual certifications and related annual reports;
Failed to disclose on U4 that sold almost $2 million in securities his two outside business activities; failed to report bankruptcies
Failed to disclose that copied and pasted non-genuine signatures customer signatures
Failed to disclose that cheated on Series 66 licensing examination
Failed to disclose that trading in customer account without written permission
Failed to disclose that forged the customer’s initials and/or signature on documents
Failed to disclose on U4 nine other businesses affiliated with that he failed to disclose to his firm or include on his Form U4. Taubman represented that his Form U4 was accurate and complete
Failed to disclose on U4 and to the “firm” started an outside business was getting a salary and reimbursements for
Failed to disclose that they became best friends with an old dying lady who made them trustee; forged the dead lady’s signature; converted/stole money from the dead lady’s heirs
Failed to disclose various tax liens.
Failed to disclose that tried to settle a customer complaint without telling the firm worked for
Failed to disclose that correct fund facts to customers or perform reasonable diligence.
That’s just for starters…..
Who knows, maybe Joe wont have to go to jail after all, unless he can take a buddy or four from FINRA’s disciplined with him….. because the one thing Congress did not give The Commission to do is to approve S.R.O.s that do not turn criminals over to crime enforcers, the cops................... go sic' em U.S. Attorneys.... (wink)
Ciao, bella