FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS DEPARTMENT OF ENFORCEMENT, Complainant, v. MICHAEL BARROWS (CRD No. 2933260), and ERIC JOHN LUDOVICO (CRD No. 2932082), Respondents. Expedited Proceeding Nos. ARB250005 and ARB250007 RCM Nos.

In November 2020 and February 2021, Leon recommended that three retail customers and six non-retail customers purchase and hold a volatility-linked exchange-traded note without having a sufficient understanding of its risks and features.

Between February and March 2024, Pham made misrepresentations to a mortgage lender to help her friend qualify for and obtain a mortgage loan. As a result, Pham violated FINRA Rule 2010 and is suspended for 12 months in all capacities and fined $10,000.

Between March 2018 and August 2021, while associated with Gradient, Stovall participated in 11 private securities transactions totaling $1,401,690. Stovall did not provide any notice to Gradient prior to engaging in these transactions. As a result, Stovall violated FINRA Rules 3280 and 2010 and is barred from associating with any FINRA member in all capacities.