To: jhild who wrote (42355 ) 12/22/1999 3:31:00 PM From: ColleenB Respond to of 43774
You are correct. The rulings of a private association like the NASD apply only to its members. The ruling was made IMHO to encourage him to quit the association. If you think about it that's the only way it makes any sense. What does he think stripping a Broker's license is? To strip a person of their livelyhood is quite serious. I notice no one has mentioned any crimial charges against him. Even though the ignorant and the arroagant want to portray his actions as a crime. I'm NOT NOT NOT excusing anything -- I don't have the facts of the case, just the ruling to go by. Based on the ruling it appears they believe he did something against their rules, and they told him as long as he wanted to stay a member he had to pay a fine and he could not assoicate with any other members . That made being a member utterly meaningless for him. So he quit. oh, how sad for Johnny. They drove him to quit. Is Spencer suggesting that Johnny never paid the fine? Since there don't appear to have been any criminal charges filed against him, it looks like there was a serious disagreement between John and the NASD as to the meaning of whatever did happen. The NASD, being much larger and more powerful than any of its members, appears to have forced its interpretation on the events. Again: I have no idea NO IDEA what happened -- I'm just going by the circumstantial evidence provided by the ruling plus my experience gained from working with clients in matters similar enough to enable me to make an educated guess. You think Spencer comprehends the difference between a civil and a criminal action? The ignorant and the arrogant, like the NASD, want to force their interpretation on things too. Unfortunately for them, they are not well enough informed (they are in fact ignorant), nor powerful enough (they are in fact arrogant) to be successful. his new sign off............ragingbull.com