SR-FINRA-2019-030

Rule Filing Status:  Approved

Rule change to amend the Membership Application Program (“MAP”) rules to help further address the issue of pending arbitration claims, as well as arbitration awards and settlement agreements related to arbitrations that have not been paid in full in accordance with their terms.

IM-1014-1. Evidence of Ability to Satisfy Unpaid Arbitration Awards, Other Adjudicated Customer Awards, Unpaid Arbitration Settlements or, for New Member Applications, Pending Arbitration Claims

To the extent that the Applicant or Associated Person is subject to unpaid arbitration awards, other adjudicated customer awards, unpaid arbitration settlements or, for new member applications, pending arbitration claims, the Applicant may submit with an application documentation that evidences the ability to satisfy all such awards, settlements or claims through supporting documentation.

IM-1011-2. Business Expansions and Covered Pending Arbitration Claims

The safe harbor for business expansions in IM-1011-1 is not available to any member that is seeking to add one or more Associated Persons involved in sales and one or more of those Associated Persons has a Covered Pending Arbitration Claim (as defined in Rule 1011(c)(1)), an unpaid arbitration award or unpaid settlement related to an arbitration; in such circumstances, if the member is not otherwise required to file a Form CMA in accordance with Rule 1017, the member must comply with the requirements of Rule 1017(a)(6)(B).

2016048393501 Shopoff Securities, Inc. CRD 142866 William A. Shopoff CRD 1273471 Stephen R. Shopoff CRD 5276325 OHO Extended Hearing Panel Decision va (2020-1592698769277).pdf

FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS DEPARTMENT OF ENFORCEMENT, Complainant, v. SHOPOFF SECURITIES, INC. (CRD No. 142866), WILLIAM A. SHOPOFF (CRD No. 1273471), and STEPHEN R. SHOPOFF (CRD No. 5276325), Respondents. Disciplinary Proceeding No. 2016048393501 Hearing Officer-MC EXTENDED HEARING PANEL DECISION May 21, 2020 The Department of Enforcement did not prove by a preponderance of the evidence that Respondents engaged in fraudulent sales of securities or made

2014041254102 Santander Investment Securities Inc. CRD 37216 AWC va (2020-1592698770339).pdf

FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2014041254102 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Santander Investment Securities Inc., Respondent Member Firm CRD No. 37216 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Respondent Santander Investment Securities Inc. ("Santander" or the "firm") submits this Letter of Acceptance, Waiver and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.

2019061162901 Martin Joseph Noonan CRD 2982159 AWC va (2020-1592698769009).pdf

FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2018057640301 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Martin Joseph Noonan, Respondent Former Registered Representative CRD No. 2982159 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Respondent Martin Joseph Noonan (Noonan) submits this Letter of Acceptance, Waiver and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.
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