Proceeding Number 20060053785-02

Hearing Panel Decision in Department of Market Regulation v. Robert N. Drake

May 3, 2012

Respondent Robert N. Drake, who was Chief Compliance Officer of his firm and the designated principal responsible for supervising corporate bond transactions, violated NASD Rules 3010 and 2110 by:  (i) failing to prevent the firm from charging customers excessive and unfair markups and markdowns on 30 corporate bond transactions; and (ii) failing to establish, maintain and enforce reasonable written supervisory procedures for ensuring the timely and accurate reporting of the firm’s corporate bond transactions to the Trade Reporting and Compliance Engine (“TRACE”).  For these violations in the aggregate, Respondent is barred from association with any FINRA registered firm in any supervisory capacity.

 

This decision has been appealed.

View Decision (PDF 56 KB)