J. Alexander Securities, Inc. (CRD #7809, Los Angeles, California) and James Alexander (CRD #2762, Registered Principal, Los Angeles, California) submitted a Letter of Acceptance, Waiver, and Consent in which they were fined $62,500, jointly and severally. In addition, the firm was censured and fined $7,500, jointly and severally, with another individual, and Alexander was suspended from association with any NASD member in a principal capacity for 30 days. Without admitting or denying the allegations, the respondents consented to the described sanctions and to the entry of findings that they permitted an individual who was barred from associating with any NASD member in any capacity to function as an associated person. The findings also stated that the firm failed to establish, modify, or revise its written supervisory procedures to be in compliance with NASD Conduct Rule 3010. Furthermore, the NASD determined that the firm permitted individuals associated with the firm to perform the duties of registered persons while their registration status with the NASD was inactive due to their failure to timely complete the Regulatory Element of the NASD's Continuing Education Requirement. Alexander's suspension began March 18, 2002, and will conclude at the close of business April 16, 2002. (NASD Case #C02020007)
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