NASD Regulation, Inc., Bars 20 More Registered Representatives Suspected of Using an Impostor to Take Qualification Examination
Nancy A. Condon - (202) 728-8379
Washington, D.C.--NASD Regulation, Inc., today announced that it has barred, fined, and censured 20 individuals suspected of paying an impostor to take a qualification examination on their behalf. More than $1.8 million in fines and forfeited commissions were assessed.
Since August 1996, 41 registered representatives have been barred, fined, and censured as a result of this ongoing investigation, which is being conducted by the NASD RegulationSM New York District Office. This investigation was launched subsequent to NASD Regulation discovering that individuals were suspected of having paid an impostor to take a qualifying examination on their behalf.
"Every investor has the right to expect that their broker is honest and understands the securities markets and regulations," said NASD Regulation President Mary L. Schapiro. "These entrance exams are a cornerstone of NASD Regulation’s investor- protection framework."
Each of the barred individuals was required to forfeit all commissions earned, a total of more than $1.2 million, while they functioned in a registered capacity. Individual fines included $25,000 for cheating on the examination and $25,000 if they failed to respond to NASD Regulation requests for information, for a total of $650,000.
Upon identification, many individuals were ordered to appear immediately for on-the-record testimony to answer questions regarding the qualification examination at issue.
|Individuals Barred||Firm At Time of Action||Residence|
|James Contacessa||Harriman Group||Armonk|
|Igor Shekchtman||M. Rimson & Co.||Manhattan|
|Kevin Coughlin||James W. Bullard Inc.||Staten Island|
|Glenn Bennett||M. Rimson & Co.||Manhattan|
|Christopher Granese||A.S. Goldmen||Brooklyn|
|Rondo Hosang||A.S. Goldmen||Brooklyn|
|Tremain McDowell||Cressida Capital||Staten Island|
|Victor Lastorino||Buttonwood Securities||Queens|
|Norm Rabinovich||Stratton Oakmont||Manhattan|
|Peter LaTourette||A.S. Goldmen||Brooklyn|
|Christopher Carratura||First United Equities||Long Island|
|Joseph DeMarco||Joseph Roberts & Co.||Brooklyn|
|Sevgul Paso||Norfolk Securities||Staten Island|
|Frank Aquafredda||A.S. Goldmen||Staten Island|
|Emil Yunaev||Cartwright & Walker||Brooklyn|
|Michael Poliak||Cartwright & Walker||Queens|
|William Battista||A.S. Goldmen||Manhattan|
|Darian E. Kelty||Gruntal & Co.||Ft. Lauderdale|
|Joseph Lanni||Hanover Sterling||Brooklyn|
|Vladen Mezhibovsky||M. Rimson & Co.||Brooklyn|
NASD Regulation is continuing its investigation into this matter.
NASD Regulation polices all U.S. stockbrokers and brokerage firms. NASD Regulation is a subsidiary of the National Association of Securities Dealers, Inc. (NASD), the largest securities-industry self-regulatory organization in the United States.