NASD Member Firm: M G SECURITIES GROUP, INC.
CRD Number: 42991
** This firm's registration with the NASD was terminated as of 05/23/2002.
Disclosure information on terminated firms may occasionally be reported to and
captured by NASD; however, such disclosure information has not been reviewed by
the firm, and there is no regulatory requirement that terminated firms report
any information to NASD. **
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REPORT SUMMARY
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Administrative Information:
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Admin Information: Information that is required to be reported to the NASD by
firms via Form BD (Uniform Application for Broker-Dealer
Registration). The administrative information contained in
this report includes: (a) types of business the firm is
engaged in; (b) legal status (e.g., corporation, partnership,
sole proprietorship, limited liability company, etc.),
state/country of formation unless legal status is sole
proprietorship, date of formation, and month in which the
firm's fiscal year ends; and (c) all approved registrations
with the SEC, NASD and state securities commissions.
Types of Business: 8
Legal Status: 1
Registrations: 0
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Disclosure Events: Yes
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Disclosure Event: Information that is required to be reported to the NASD by
brokers via Form U-4 (Uniform Application for Securities
Industry Registration or Transfer) and firms via Form BD
(Uniform Application for Broker-Dealer Registration). Some
disclosure events may have multiple reporting sources. For
example, some information required to be reported by a broker
via Form U-4 may also be reported on the broker's record by a
firm via Form U-5 (Uniform Termination Notice for Securities
Industry Registration) and/or by a regulator via Form U-6
(Uniform Disciplinary Action Reporting Form). If a disclosure
event is reported by multiple sources, all versions of the
reported event will be disclosed on the broker's public
disclosure report. Similarly, some information required to be
reported by a broker-dealer firm via Form BD may also be
reported on the firm's record via Form U-6. If a disclosure
event is reported by multiple sources, all versions of the
reported event will be disclosed on the firm's public
disclosure report.
Criminal Actions: 0
Regulatory Actions: 2
Civil Judicial Actions: 0
Arbitrations: 0
Bonds: 0
Bankruptcies: 0
Judgment/Liens: 0
NASD Public Disclosure Program July 21, 2003 Page 2
This information is current as of: 07/21/2003
________________________________________________________________________________
NASD Member Firm: M G SECURITIES GROUP, INC.
CRD Number: 42991
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ADDRESS/GENERAL INFORMATION
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This section provides the firm's name, CRD number, SEC number, Applicant Name on
Form BD, NASD District where the firm is located, and the firm's main and
mailing addresses.
Applicant Name on Form BD: M G SECURITIES GROUP, INC.
SEC Number: 8-050092
Prior Business Names: M G SECURITIES GROUP
Business Phone Number: 214-761-0789
Main Office Address Located in NASD District: 6-Dallas
900 JACKSON STREET STE 450-LB14
DALLAS, TX 75202
Mailing Address
900 JACKSON STREET
SUITE 450 LB-14
DALLAS, TX 75202
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TYPES OF BUSINESS
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This section lists the type(s) of business that the firm is currently engaged in
as reported on the Form BD.
Broker or dealer retailing corporate equity securities over-the-counter
Government securities broker
Broker or dealer making inter-dealer markets in corporate securities
over-the-counter
Non-exchange member arranging for transactions in listed securities by exchange
member
Put and call broker or dealer or option writer
Private placements of securities
Trading securities for own account
Underwriter or selling group participant (corporate securities other than mutual
funds)
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LEGAL STATUS
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This section details the firm's legal status (i.e, corporation, limited
partnership, etc.), state or country where formed, date of formation, and the
month the firm's fiscal year ends.
Legal Status: CORPORATION
State/Country of Formation: TX, USA
Date of Formation: 01/29/1997
Fiscal Year End: DEC
NASD Public Disclosure Program July 21, 2003 Page 3
This information is current as of: 07/21/2003
________________________________________________________________________________
NASD Member Firm: M G SECURITIES GROUP, INC.
CRD Number: 42991
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REGULATORY ACTIONS
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DISCLOSURE INFORMATION
This section lists regulatory actions that were reported to the CRD and are
disclosable through the Public Disclosure Program. Disclosable regulatory
actions include formal proceedings initiated by a regulatory authority (i.e., a
state securities agency, the NASD, New York Stock Exchange, foreign regulatory
body, etc.) for a violation of investment-related rules or regulations. In
addition, revocations or suspensions of a broker's authority to act as an
attorney, accountant or federal contractor will appear here.
Some of the fields in this section of the report may be blank if the information
was not provided to CRD.
** OCCURRENCE COUNTS ** 2 Record(s)
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** FIELD DEFINITIONS **
* Reporting Source: The form through which details of the regulatory
action was reported to CRD.
* Date Reported: The date the regulatory action was reported to CRD.
* Initiated By: The name of the securities regulator that initiated
the regulatory action (e.g., regulator, foreign
financial regulatory authority, self-regulatory
organization, federal agency such as SEC, state,
etc.).
* Date Initiated: Date the regulatory action was initiated.
* Docket/Case Number: Docket or case number of the regulatory action.
* Employing Firm: Firm where broker was employed when activity
occurred that led to the regulatory action.
* Allegations: Allegations made against the broker leading to the
regulatory action.
* Current Status: The current status of the regulatory action (i.e.,
pending, on appeal or final).
* Resolution: The resolution of the regulatory action (e.g.,
acceptance, waiver and consent; decision; decision
and order of offer of settlement; order; settled;
etc.).
* Resolution Date: The date the regulatory action was resolved.
* Sanction Details: Additional details regarding any sanctions ordered.
* Summary: A summary of the details related to the regulatory
action.
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******** REGULATORY ACTION (1 of 2) ********
Reporting Source: Regulator (Form U-6)
Date Reported: 01/03/2002
Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Date initiated: 12/18/2001
Docket/
Case Number: C06010044
Allegations: SECTIONS 10(B) AND 15(C) OF THE SECURITIES EXCHANGE ACT OF 1934
AND RULES 10B-9 AND 15C2-4 THEREUNDER, NASD RULE 2110, 3010(B)
AND 6620 - WITHOUT ADMITTING OR DENYING THE ALLEGATIONS,
RESPONDENT CONSENTED TO THE ENTRY OF FINDINGS THAT MEMBER FIRM
ACTING THROUGH ITS PRESIDENT RENDERED FALSE THE
REPRESENTATIONS IN THE OFFERING MEMORANDUM THAT THE OFFERING
WOULD TERMINATE ON A SPECIFIED DATE, AND THAT INVESTOR FUNDS
WOULD BE PROMPTLY RETURNED IF THE MINIMUM OFFERING AMOUNT WAS
NOT OBTAINED DURING THE INITIAL OFFERING PERIOD; MEMBER FIRM
FAILED TO TRANSMIT THROUGH THE AUTOMATED CONFIRMATION
TRANSACTIONS SERVICE LAST SALES REPORTS OF SECURITIES
TRANSACTIONS WITHIN NINETY SECONDS OF EXECUTION; AND MEMBER
FIRM ACTING THROUGH ITS PRESIDENT FAILED TO ESTABLISH,
MAINTAIN, AND ENFORCE WRITTEN SUPERVISORY PROCEDURES
NASD Public Disclosure Program July 21, 2003 Page 4
This information is current as of: 07/21/2003
________________________________________________________________________________
NASD Member Firm: M G SECURITIES GROUP, INC.
CRD Number: 42991
REGULATORY ACTIONS(cont.)
REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE
SECURITIES LAWS AND REGULATIONS.
Current Status: Final
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 12/18/2001
Sanctions
Ordered: Monetary/Fine, Censure
Monetary Amount: $21,000.00
Resolution
Details: MONETARY FINE OF $21,000 IMPOSED AGAINST MEMBER FIRM, OF WHICH
$20,000 WILL BE PAYABLE JOINTLY AND SEVERALLY.
Summary:
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Reporting Source: Firm (Form BD)
Date Reported: 02/28/2002
Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS
Date initiated: 11/09/2001
Docket/
Case Number: C06010044
Allegations: MG SECURITIES GROUP FAILED TO ADHERE TO ITS POLICIES AND
PROCEDURES REGARDING ITS UNDERWRITING ACTIVITIES. IT ALSO
FAILED TO COMPLY WITH THE TRADE REPORTING RULES OUTLINED IN
THE FIRMS POLICIES MANUAL.
Current Status: Final
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 12/14/2001
Sanctions
Ordered: Monetary/Fine, Censure, Suspension
Monetary Amount: $20,000.00
Other Sanctions: MICHAEL ANDERSON, PRINCIPAL OF MG SECURITIES GROUP, INC. WAS
SUSPENDED FROM SUPERVISORY ACTIVITIES FROM 2/4/2002 TO
3/5/2002.
Resolution
Details: MICHAEL ANDERSON, PRINCIPAL OF MG SECURITIES GROUP, INC. WAS
SUSPENDED FROM SUPERVISORY ACTIVITIES FROM 2/4/2002 TO
3/5/2002. THE FINE WAS TO BE PAID JOINTLY AND SEVERALLY WITH
MG SECURITIES GROUP, INC.
Summary: MGSG FAILED TO COMPLY WITH THE "90 SECOND" RULE AND TRANSMIT
TRADES TIMELY THROUGH THE ACT SYSTEM. MGSG ALSO FAILED TO
ADDRESS ITS UNDERWRITING ACTIVITIES PROCEDURES PURSUANT TO THE
1934 EXCHANGE ACT RULES 10B9 AND 15C2-4.
******** REGULATORY ACTION (2 of 2) ********
Reporting Source: Regulator (Form U-6)
Date Reported: 09/12/2000
Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Date initiated: 08/28/2000
Docket/
Case Number: C06000016
Allegations: 09/12/00EC: NASD RULES 2110; 1031 AND 3010(B) - RESPONDENT
MEMBER, ACTING THROUGH ITS PRESIDENT, PERMITTED AN INDIVIDUAL
TO SERVE AS A GENERAL SECURITIES REPRESENTATIVE AND THEREBY
ENGAGE IN THE INVESTMENT BANKING OR SECURITIES BUSINESS EVEN
THOUGH SUCH INDIVIDUAL HAD NOT BEEN REGISTERED WITH RESPONDENT
IN ANY CAPACITY; FAILED TO ESTABLISH, MAINTAIN, AND ENFORCE
WRITTEN PROCEDURES THAT WERE REASONABLY DESIGNED TO ACHIEVE
COMPLIANCE WITH APPLICABLE SECURITIES LAWS AND REGULATIONS,
NASD Public Disclosure Program July 21, 2003 Page 5
This information is current as of: 07/21/2003
________________________________________________________________________________
NASD Member Firm: M G SECURITIES GROUP, INC.
CRD Number: 42991
REGULATORY ACTIONS(cont.)
AND WITH THE ASSOCIATION'S RULES, IN THAT THE FIRM'S
PROCEDURES FAILED TO ADEQUATELY ADDRESS THE ASSOCIATION'S
RULES GOVERNING REGISTRATION OF PERSONNEL.
Current Status: Final
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 08/28/2000
Sanctions
Ordered: Monetary/Fine, Censure
Monetary Amount: $14,000.00
Resolution
Details: A CENSURE AND FINE OF $14,000, WHICH INCLUDES THE DISGORGEMENT
OF COMMISSIONS EARNED OF $9,000. $13,000 OF THAT $14,000 FINE
IS PAYABLE JOINTLY AND SEVERALLY.
Summary:
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Reporting Source: Firm (Form BD)
Date Reported: 12/13/2000
Initiated By: NASD REGULATION, INC.
Date initiated: 07/28/2000
Docket/
Case Number: NASD ACTION C06000016
Allegations: MG SECURITIES GROUP, INC. PERMITTED AN INDIVIDUAL TO SERVE AS A
GENERAL SECURITIES REPRESENTATIVE WITHOUT HAVING BEEN
REGISTERED WITH THE FIRM. MG SECURITIES GROUP, INC. DID NOT
ENFORCE WRITTEN PROCEDURES THAT WERE DESIGNED TO ACHIEVE
COMPLIANCE WITH APPLICABLE SECURITIES LAWS.
Current Status: Final
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 08/28/2000
Sanctions
Ordered: Monetary/Fine, Disgorgement/Restitution, Censure
Monetary Amount: $13,000.00
Other Sanctions: NONE.
Resolution
Details: A CENSURE AND FINE OF $4,000.00 AND DISGORGEMENT OF COMMISSIONS
OF $9,000.00 FOR A TOTAL FINE OF $13,000.00 THAT MG SECURITIES
GROUP, INC. WAS RESPONSIBLE FOR PAYING. THE FIRM ELECTED TO A
MONTHLY PAYOUT PLAN.
Summary:
************ END OF REPORT ************ |
