| James Joseph Crimi (CRD #2432789, Registered Representative, Brooklyn, New York) and Joseph Anthony Ricci (CRD #1446665, Registered Representative, New York, New York) submitted Offers of Settlement in which Crimi was suspended from association with any NASD member in any capacity for three months and Ricci was suspended from association with any NASD member in any capacity for four months. In addition, the respondents were required to requalify by examination as general securities representatives within 90 days. In light of the financial status of the respondents, no monetary sanctions have been imposed. Without admitting or denying the allegations, the respondents consented to the described sanctions and to the entry of findings that they effected unauthorized transactions and solicited customers to purchase shares in the aftermarket prior to the effective date of an initial public offering (IPO). The findings also stated that Crimi opened an account and purchased shares without a public customer’s permission. In addition, the NASD found that Ricci failed to disclose material facts to customer, conditioned a customer’s right to purchase IPO units on his agreeing to purchase shares in the aftermarket, and made a price prediction and misrepresentation to a customer. Ricci’s suspension began July 17, 2000, and will conclude at the close of business on November 16, 2000. Crimi’s suspension will begin November 20, 2000, and conclude at the close of business on February 19, 2001. (NASD Case #C10970143) |
