Firms Fined, Individuals Sanctioned
First Financial Equity Corporation (CRD #16507, Scottsdale, Arizona) and
George Edward Fischer (CRD #1315706, Registered Principal, Scottsdale,
Arizona) submitted a Letter of Acceptance, Waiver, and Consent in which they
were fined $15,000, jointly and severally. In addition, the firm was censured and
fined $7,000, jointly and severally, with another individual, and Fischer was
suspended from association with any NASD member in any capacity for 10
business days. Without admitting or denying the allegations, the respondents
consented to the described sanctions and to the entry of findings that the firm,
acting through Fischer, participated in the offer and sale of debt securities in a
private placement, received investor funds for the purchase of notes, and failed to
promptly transmit the funds to an account specified by the Securities and
Exchange Commission (SEC). The findings also stated that the firm, acting
through Fischer, continued to offer and sell notes after the date upon which the
offering should have been terminated due to the failure of the stated contingency.
The firm also, acting through another individual, conducted a securities business
while failing to maintain the required minimum net capital.
Fischer's suspension began January 2, 2001, and will conclude at the close of
business on January 16, 2001. (NASD Case #C3A000030)
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