Proceeding Number 2005000324301

Hearing Panel Decision in Department of Market Regulation v. Jerry William Burch

June 2, 2009

 

Respondent is barred for (1) making recommendations to customers to purchase stock without disclosing that his wife’s account was simultaneously selling the same stock, in violation of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and NASD Rules 2120 and 2110; (2) failing to notify his firm of his wife’s outside account, in violation of NASD Rules 3050(c) and 2110; and, (3) falsely representing to his firm that customer purchases were unsolicited, resulting in false firm records, in violation of NASD Rules 3110 and 2110 and SEC Rules 17a-3 and 17a-4. In addition, Respondent is fined $28,000 for his violation of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and NASD Rules 2120 and 2110. In light of the bar, no further sanctions are imposed for Respondent’s failure to update his Form U4 to disclose a Wells Notice from FINRA, in violation of IM-1000-1, NASD Rule 2110, and Article III, Section 4(f) and Article V, Section 2(c) of the By-Laws.

 

This decision has been appealed.

View Decision (PDF 107 KB)