More info on Schneider Securities and Scott B Olson
nasdr.com
Schneider Securities, Inc. (Denver, Colorado), Thomas J. O’Rourke (Registered Principal, Denver, Colorado), S. Peter Duray-Bito (Registered Principal, Littleton, Colorado), Keith A. Koch (Registered Representative, Littleton, Colorado), and Scott B. Olson (Registered Representative, Aurora, Colorado) submitted a Letter of Acceptance, Waiver and Consent pursuant to which the firm was fined $10,000 and ordered to disgorge $9,145 in commissions, fined $5,000, jointly and severally, with Duray-Bito, and fined $10,000, jointly and severally, with O’Rourke and Duray-Bito. Furthermore, O’Rourke was suspended from association with any NASD member in any supervisory capacity for five business days and required to requalify by exam as a general securities principal, and Koch and Olson were fined $10,000, jointly and severally, and ordered to disgorge $3,996 in commissions, jointly and severally. Without admitting or denying the allegations, the respondents consented to the described sanctions and to the entry of findings that the firm, acting through Koch and Olson, sold securities to public customers that were neither registered nor exempt from registration.
The findings also stated that the firm, acting through Duray-Bito, received checks from customers in payment for securities in a private placement offering and failed to forward such checks within the required time period to an established bank escrow account. Furthermore, the NASD found that the firm, acting through O’Rourke and Duray-Bito, failed to establish, maintain and/or enforce written supervisory procedures, and the firm, acting through O’Rourke, failed to supervise Koch and Olson properly in connection with the public offering. |
