Guess who contacted the NASD to tell them about the violations,, I had no Idea how the trading sytem worked since I had just fired our trader at Armstrong Mickinley and turned over Armstrong the president to the FEDS,, and I ended up taking over the fIRM with $ 800,000.00 in debt,( this was in 1993 )....I did...after asking a friend about SOES, I realized it was for customers only and I did 108 trades in a 1 1/2 day period, I lost $ 1600.00 bucks doing it..and was 24 yrs old,, having never sat behind a trading desk..these were the days when you didnt need a license to trade..
I contacted the NASD and turned myself in...( Verifiable with The NASD district # 6 In Dallas, examiner Richard Manyin)
They would never have known ..
BTW the fine for a soes violation is $ 5000.00 per occurance after the NASD in new York was made aware of all the aid I had given to them and other agencies,, they decided the mitigating factors were significant and instead of a fine of $ 500,000 and 5 year suspension..they agreed to what you posted..Keep in mind that it took 4 years before we came to an greement because I turned down alomst every offer..and I had planned on calling the examiner himself at the hearing so as to avoid a hearing which would have cost a $ 25,000 retainer..I negotiated this settlement without ever having an attorney and it 4 years before they finally agreed..
This is the truth...and it was completely unintentional,,and as we all know ignorance of the rule ...wasnt a defense..It didnt matter that I was protecting the Firm and its 2500 customers or that I was never in a position of control ever in my life prior to this...I assumed this role the minute I, the vicepresident, fired the President and brought in the FEDS, because of what he was doing ..
BTW the NASD is not a govt agency,,,it is a private company that is a " alleged " SELF REGULATORY ORGANIZATION,..It is supposed to regulate itself and is under the oversight of the SEC.whom it frequently refers its disciplianary matters to affirm..The SEC has never affirmed any action taken by the NASD against me..
I have no more to say about this subject .. |
