Funny you should mention Scott B Olson, I was just looking at this...
(the other 14 Regulatory actions against Schneider Securities have been omitted in the interest of brevity)
******** REGULATORY ACTION (4 of 15) ********
Reporting Source: Regulator (Form U-6)
Date Reported: 08/25/1997
Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
NASDR Public Disclosure Program November 02, 2000
Page 8
This information is current as of: 11/02/2000
________________________________________________________________________________
NASD Member Firm: SCHNEIDER SECURITIES, INC.
CRD Number: 16434
REGULATORY ACTIONS(cont.)
Date initiated: 08/25/1997
Docket/
Case Number: C3A980001
Allegations:
Current Status: Pending
Summary: ON AUGUST 25, 1997, DISTRICT NO. 3 NOTIFIED
RESPONDENTS
SCHNEIDER SECURITIES, INC., THOMAS J. O'ROURKE, S.
PETER
DURAY-BITO, KEITH A. KOCH, AND SCOTT B. OLSON THAT
THE LETTER
OF ACCEPTANCE, WAIVER AND CONSENT NO. C3A960042 WAS
ACCEPTED;
THEREFORE, RESPONDENTS MEMBER AND DURAY-BITO ARE
FINED $5,000,
JOINTLY AND SEVERALLY; RESPONDENTS MEMBER, O'ROURKE
AND
DURAY-BITO ARE FINED $10,000, JOINTLY AND SEVERALLY;
RESPONDENT MEMBER IS CENSURED, FINED $10,000, AND
ORDERED TO
DISGORGE COMMISSIONS IN THE AMOUNT OF $9,145; AND
REQUIRED TO
DEMONSTATE THAT ITS FIRM ELEMENT PROGRAM ESTABLISHED
PURSUANT
TO MEMBERSHIP AND REGISTRATION RULE 1120(b) INCLUDES
A
PROVISION FOR THE PRESENTATION TO ALL PERSONS
SUBJECT TO THE
FIRM ELEMENT PROGRAM OF INFORMATION REASONABLY
DESIGNED TO
INFORM SUCH PERSONS OF THIS ACTION, THE FINDINGS OF
VIOLATION
TO WHICH THE RESPONDENTS HAVE CONSENTED AND THE
PROVISIONS OF
THE FEDERAL SECURITIES LAWS PERTAINING TO THE SALE
OF
UNREGISTERED SECURITIES THAT ARE RELEVANT TO THIS
ACTION;
RESPONDENT O'ROURKE IS CENSURED, 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 WITHIN 180 DAYS OF THE DATE
UPON WHICH
THIS AWC BECOMES FINAL OR CEASE TO FUNCTION IN SUCH
CAPACITY
UNTIL SUCH TIME AS HE DOES REQUALIFY; RESPONDENT
DURAY-BITO IS
CENSURED; AND RESPONDENTS KOCH AND OLSON ARE
CENSURED, FINED
$10,000, JOINTLY AND SEVERALLY, AND ORDERED, JOINTLY
AND
SEVERALLY TO DISGORGE $3,996 IN COMMISSIONS - (NASD
RULES 2110
AND 3010 - RESPONDENT MEMBER, ACTING THROUGH
RESPONDENTS KOCH
AND OLSON, SOLD SECURITIES TO PUBLIC CUSTOMERS THAT
WERE
NEITHER REGISTERED NOR EXEMPT FROM REGISTRATION;
RESPONDENT
MEMBER, ACTING THROUGH RESPONDENT DURAY-BITO,
RECEIVED CHECKS
FROM CUSTOMERS IN PAYMENT FOR SECURITIES IN A
PRIVATE
PLACEMENT AND FAILED TO FORWARD SUCH CHECKS WITHIN
THE
REQUIRED TIME PERIOD TO A BANK ESCROW ACCOUNT
ESTABLISH*See
FAQ #1* |
