you probably are already am aware of thIS.....Richard Geiger of SRRA....Markow and FRENCHFRY's trader
STATE OF OHIO
DEPARTMENT OF COMMERCE
DIVISION OF SECURITIES
COLUMBUS, OH 43215
Order No. 97-237A
In the Matter of: RICHARD GEIGER
CRD NO. 873869
FINAL ORDER TO DENY APPLICATION FOR LICENSE
Division Order
WHEREAS, the Ohio Division of Securities ("Division") is charged with the responsibility of protecting investors and finds that this Order is necessary or appropriate in the public interest or for the protection of investors, and is consistent with the purposes fairly intended by the policy and provisions of the Ohio Securities Act, Ohio Revised Code Chapter 1707;
Whereas, on May 9, 1997, the Division issued Division Order No. 97-156 ("Order") against Richard Geiger ("Respondent"), whose address is 1056 Gateshead Way, Westerville, Ohio 43081, alleging that Respondent was "not of good business repute" as that phrase is used in Ohio Revised Code sections 1707.16 and 1707.19, and Ohio Administrative Code Rule 1301:6-3-19(D)(7) and (9) and giving him notice of intent to deny his application for licensure as a salesman of securities in the State of Ohio;
WHEREAS, the Order gave notice of opportunity for an adjudicative hearing regarding the denial if requested by Respondent within thirty (30) days from the mailing of the notice;
WHEREAS, Respondent timely requested an adjudicative hearing;
WHEREAS, pursuant to Ohio Revised Code section 119.09, the Division scheduled the hearing for June 3, 1997;
WHEREAS, at Respondent's request and by mutual consent of the parties the Division continued the hearing until June 10, 1997;
WHEREAS, the hearing commenced on June 10, 1997, at the offices of the Division; James F. Hunt presided as Hearing Examiner; Assistant Attorney General Stephen H. Johnson represented the Division; William E. Leber appeared as a witness on behalf of the Division; Earle R. Frost, Jr. represented Respondent; Carl Kline appeared as a witness on behalf of Respondent; Jeffrey Richardson appeared as a witness on behalf of Respondent; and Respondent testifed on his own behalf;
WHEREAS, the Hearing Examiner's report and recommendation was issued on August 8, 1997, and received by Respondent via certified mail on August 12, 1997;
WHEREAS, by correspondence dated August 14, 1997, received by the Division on August 21, 1997, Respondent filed objections to the report and recommendation;
WHEREAS, pursuant to Ohio Revised Code section 119.09, the Division may approve, modify or disapprove the recommendation of the Hearing Examiner based upon the report, recommendation, transcript of testimony and evidence, objections of the parties and any additional testimony and evidence permitted;
WHEREAS, Ohio Administrative Code Rule 1301:6-3-19(D) sets forth ten factors for consideration when determining "good business repute;"
WHEREAS, the Division has based its decision upon a consideration of all ten factors of Ohio Administrative Code Rule 1301:6-3-19(D) and the provisions of Ohio Revised Code 119.09;
WHEREAS, the Division defers to the Hearing Examiner who served as the finder of facts in this matter;
WHEREAS, the findings of fact and conclusions of law of the Hearing Examiner are hereby accepted;
WHEREAS, the Division cannot enter into an enforceable agreement that would limit Respondent's activities; and
WHEREAS, the recommendation of the Hearing Examiner, to the extent it holds Respondent not to be of good business repute and correspondingly recommends denial of Respondent's application, is hereby confirmed and approved;
THEREFORE, IT IS ORDERED THAT, Richard Geiger be denied a license as a salesman of securities in the State of Ohio effective the date of this Order.
NOTICE OF APPEAL RIGHTS: RICHARD GEIGER IS HEREBY NOTIFIED THAT THIS ORDER MAY BE APPEALED PURSUANT TO OHIO REVISED CODE SECTION 119.12 BY FILING A NOTICE OF APPEAL WITH THE OHIO DIVISION OF SECURITIES SETTING FORTH THE ORDER APPEALED FROM AND THE GROUNDS OF THE APPEAL. A COPY OF SUCH NOTICE OF APPEAL SHALL ALSO BE FILED WITH THE FRANKLIN COUNTY COURT OF COMMON PLEAS. SUCH NOTICE OF APPEAL SHALL BE FILED WITHIN FIFTEEN DAYS AFTER THE MAILING OF THIS ORDER.
TEG:dlm
Witness my hand and the official seal of this Division at
Columbus, Ohio this day of September, A.D. 1997.
Thomas E. Geyer, Commissioner of Securities
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centralohio.thesource.net
Posted: Oct. 6, 1997
Applicant says ODOS license denial unfair
By DOUG BUCHANAN
Daily Reporter Staff Writer
The Ohio Division of Securities has denied a license to a Westerville man with 20 years in the business in a decision the man says unfairly focuses on one prior suspension.
The division determined on Sept. 16 that Richard Geiger was "not of good business repute" and therefore denied his license application.
James F. Hunt Jr., a division hearing examiner, based his recommendation that the license be denied on the fact that Geiger had violated National Association of Securities Dealers rules while serving as temporary president of Chicago-based Lexington Securities Inc. for several months in 1995.
Geiger received a 10-day suspension and a $10,000 fine from NASD for the rules violations. NASD found that Geiger had continued to work as Lexington’s head after failing the principal’s exam, and that the firm had failed to properly report some trades and had employed an unregistered representative while he was in charge.
Geiger, who was to be a trader at Sierra Brokerage Services Inc. in Columbus, said the actions in question didn’t involve fraud and that he agreed to the suspension to get on with his life.
"I’ve been in the business for 20 years and never had a complaint against me in my life," he said.
In his report to the division, Hunt agreed Geiger had no prior disciplinary action, but still recommended against the license because it would not restrict him to working as a trader.
"Although obviously important to the proper functioning of a securities brokerage firm, the NASD rules which were violated and the violations themselves do not appear to involve retail customers or any allegations of fraud or dishonesty," Hunt wrote.
"Historically, it does not appear that (Geiger) has had any problem functioning in (a trader) capacity. However, under the Ohio Securities Act there is no differentiation among securities salesman licenses."
Geiger declined to go into specifics about the division hearing because he is appealing the decision to Franklin County Common Pleas Court.
"I wish I could tell you my side of the story, but I don’t know what help it could be," he said.
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sierrabrokerage.com
Richard Geiger
Mr. Geiger works as a wholesale equity trader for Sierra out of his home office in East Peoria, Illinois. Richie is responsible for market making in several small OTC stocks, and relays all order flow to Messrs. Richardson and Bialecki at the firm's trading desk. Richie has been a trader for over 20 years and originally hails from New York.
You may contact him on his direct trading line, 1-888-681-7575, or via email atrichie@sierrabrokerage.com. |
