Proceeding Number 2006003738501

Hearing Panel Decision in Department of Enforcement v. Mission Securities Corporation and Craig M. Biddick

December 18, 2008

Respondent Mission Securities Corporation is expelled from FINRA membership and Respondent Craig M. Biddick is barred from association with any FINRA member in any capacity for converting and misusing customer securities, in violation of NASD Rules 2330 and 2110. In addition, Mission violated Section 15(c) of the Securities Exchange Act of 1934, SEC Exchange Act Rule 15c3-1 and NASD Rule 2110 by conducting a securities business while below its required minimum net capital, and Biddick violated Rule 2110 by causing Mission’s violation, but, in light of the expulsion and bar, no sanctions are imposed for these violations. Finally, in light of the expulsion and bar, the Panel declined to determine whether Mission, acting through Biddick, violated California law by failing to inform customers and potential customers that Mission was recording their calls, and thereby violated either NASD Rule 3010(b)(2) or Rule 2110.

 

This decision has been appealed.

View Decision (PDF 93 KB)