Proceeding Number EAF0400630001

Extended Hearing Panel Decision in Department of Enforcement v. Mutual Service Corporation, et al.

December 16, 2008

Mutual Service Corporation is fined a total of $1,535,000 for failing to supervise its variable annuity business, creating and maintaining inaccurate books and records, failing to conduct timely internal reviews, and failing to respond fully to requests for information issued by FINRA staff. Respondents Dennis S. Kaminski and Susan Coates are suspended in all principal capacities for six months and fined $50,000 each for failing to supervise the firm’s variable annuity business. Respondents Denise Roth, Gari C. Sanfilippo, and Kevin L. Cohen are each barred in all capacities for creating and maintaining inaccurate books and records. Respondent Michael Poston is suspended in all principal capacities for six months and fined $10,000 for failing to supervise the firm’s variable annuity business. In addition, Poston is suspended in all principal capacities for 30 days and fined $10,000 for failing to conduct timely internal reviews. And Respondent T is given a letter of caution for his involvement in the creation of inaccurate books and records. Respondents Mutual Service Corporation, Dennis S. Kaminski, Susan Coates, Denise Roth, Michael Poston, Kevin L. Cohen, and Gari C. Sanfilippo are also ordered to jointly and severally pay the costs of this proceeding.

 

This decision has been called for review.

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