Here's Fareri -
Firms Fined, Individuals Sanctioned
finra.org
Amerifinancial (CRD #130623, Boca Raton, Florida) and Anthony
Joseph Fareri (CRD #4176775, Registered Principal, Lighthouse
Point, Florida) submitted an Offer of Settlement in which the firm
was censured and fined $30,000, of which $25,000 was joint and
several with Fareri, and $5,000 was joint and several with another
individual. Fareri was suspended from association with any NASD
member in any capacity for one year. The fine must be paid before
Fareri reassociates with any NASD member following the suspension,
or before his firm requests relief from any statutory disqualification.
Without admitting or denying the allegations, the firm and Fareri
consented to the described sanctions and to the entry of findings that
the firm, acting through Fareri, commenced a private placement
offering and participated in municipal securities transactions contrary
to its NASD membership agreement. The findings stated that the firm
did not file an application for approval to engage in new lines of
business, including private placement offerings and municipal securities
transactions, even though these were material changes in the firm’s
business operations. The findings also stated that the firm, acting
through Fareri, failed to adopt, maintain and enforce an adequate
supervisory system regarding private placement transactions and the
maintenance of internal communications. The findings also included
that the firm, acting through an individual, conducted a securities
business without maintaining its required minimum net capital. NASD
found that Amerifinancial failed to timely create and implement its
business continuity plan.
Fareri’s suspension in any capacity is in effect from March 19, 2007,
through March 18, 2008. (NASD Case #E072004054601)
finra.org |
