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Name
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Residence
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What
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Why
|
Date
|
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Sabo,
William Randal
|
Gibsonia,
Pennsylvania
|
Barred
|
He withdrew $86,000 from a public customer’s
bank account and used the funds for his own purposes without the
authorization or consent of customer.
|
September
2005
|
|
Saccone, Susan Huber
|
Evans, Georgia
|
One Year Bar
|
Violated NYSE Rule 476(a)(6) by effecting trades that were unsuitable in view of customers' investment objectives, prior investment experience, and financial experience and by effecting unauthorized trades; violated NYSE Rule 408(a) by exercising discretionary power in effecting transactions in accounts of numerous customers of member-firm employer without obtaining customers' prior written authorization.
|
June 2006
|
|
Sadowski, Edward Francis
|
Neptune, New Jersey
|
2-Year Suspension
|
He recommended that a public customer surrender variable annuities and purchase new variable annuities without having a reasonable basis for believing the recommendations were suitable based upon the customer's investment objectives, financial situation, and needs, causing the customer unnecessarily incurred surrender charges while he earned commissions for purchases of comparable products. The findings also stated that he knowingly charged public customers a fee for market-timing services that he did not and could not perform.
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January 2005
|
|
Sahai, Rooney Arun
|
Ridgewood, New Jersey
|
Two year suspension
|
The SEC sustained, in part, sanctions the NAC imposed following the appeal of an OHO decision. The sanctions were based on findings that Sahai failed to respond, fully and timely, to NASD requests for information and documents.
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May 2007
|
|
Sahli, Patrick James
|
Taft, California
|
Barred
|
He engaged in a scheme to convert funds, and converted customer funds for his own use and benefit without the customers' knowledge, authorization, or consent.
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June 2005
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|
Sahni, Soena
|
Howell, New Jersey
|
Barred
|
Sahni consented to the described sanction and to the entry of findings that she willfully failed to disclose material information on her Form U4.
|
February, 2007
|
|
Saini,
Ravi
|
Jersey
City, New Jersey
|
1-Year
Suspension
|
He signed a public customer’s signature on a
Designated Security Suitability Form used in connection with the purchase of
a low-priced security without the customer’s knowledge or consent.
|
January
2006
|
|
Salaverria, Dulce Maria
|
Maracaibo, Venezuela
|
Barred
|
She submitted a falsified examination score report to her employing member firm.
|
May 2005
|
|
Samba, Xadimul R.
|
Memphis, TN
|
1-Year Suspension
|
Samba willfully failed to disclose material information on his Form U4. The findings stated that Samba failed to timely respond to FINRA requests for information.
|
April 2008
|
|
Samson, Marcelo S.
|
Fountain Valley, California
|
Barred
|
Samson willfully failed to amend his Form U4 to disclose material facts. The findings stated that Samson failed to respond to NASD requests for information.
|
September, 2006
|
|
Sanders, Zelman III
|
East St. Louis, Illinois
|
Barred
|
Sanders failed to respond to NASD requests for information. The findings stated that Sanders failed to disclose material facts on his Form U4.
|
September, 2006
|
|
Sandifur, Cantwell Paul (Jr.)
|
Spokane, Washington
|
Barred
|
He registered representatives of a member firm, under his direction and control, engaged in fraudulent and deceptive sales practices by making material misrepresentations and omitting material facts with the sale of proprietary products to public customers without an adequate basis for recommending the proprietary products to customers for whom the sales were unsuitable. The findings also stated that Sandifur and the firm's compliance officer spent the majority of their time working as officers and/or directors of affiliated companies, and the compliance officer delegated his responsibilities to others who were unqualified, inexperienced, and unable to perform the delegated tasks due to insufficient staffing. NASD also found that Sandifur knew, or should have known, that the compliance officer and the supervisor of all the registered representatives were not effectively discharging their responsibilities. In addition, NASD found that Sandifur, as president of the firm, was responsible for establishing an effective supervisory system at the firm, but the firm's supervisory system was not reasonably designed to achieve compliance with applicable securities laws, regulations, and NASD rules regarding monitoring the sales activities and recommendations of registered representatives; was not reasonably designed to achieve compliance training for sales presentations of proprietary products; and did not provide guidance concerning the risk level and suitability of proprietary products for investors with a low to medium risk tolerance and/or preservation of capital as a primary investment objective.
|
January 2005
|
|
Sanducci, David Joseph
|
Brooklyn, New York
|
Barred
|
Sanducci consented to the described sanction and to the entry of findings that, acting individually and as a member of a sales group, he participated in a fraudulent scheme to sell shares of a security to public customers, utilizing classic, boiler-room techniques to induce customers to purchase the security and to dissuade them from selling it. The findings stated that Sanducci used high-pressure sales pitches, material misrepresentations, omissions of fact and unauthorized transactions in customer accounts. The findings also stated that Sanducci failed to provide customers with disclosures concerning the risks associated with investing in penny stocks. NASD found that Sanducci provided false and misleading sworn testimony denying his role at the member firm.
|
May 2006
|
|
Sanigular, James Mamadi
|
Shoreview, MN
|
1-Year Suspension and $27,500 fine
|
Sanigular entered into a Placement Agency Agreement with a company to serve as its agent for a private placement of its stock and failed to give his member firm notice, prompt or otherwise, that he had entered into the agreement, and failed to give notice that he had received $21,525 in commissions from the company and as payment to continue the solicitation and sale of the stock. The findings also stated that Sanigular willfully failed to disclose material information on his Form U4.
|
September 2007
|
|
Sanpietro, Mark J.
|
Lincroft, NJ
|
Barred
|
Sanpietro affixed a public customer's signature to a wire transfer authorization letter without the customer's authorization or consent. The findings stated that Sanpietro submitted false responses and a backdated document in response to FINRA's requests for information.
|
November 2007
|
|
Santanelli, Christopher John Rocco
|
Massapequa, New York
|
Barred
|
Santanelli failed to complete an NASD on-the-record interview and failed to respond to NASD requests for information. The findings also stated that Santanelli failed to amend his Form U4 to disclose material facts, and engaged in a pattern of trading activity in public customers' accounts that was excessive in light of the customers' objectives, financial situations and needs.
|
December 2006
|
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Sasaki, Ronald Shuichi
|
Nevada City, California
|
1-Year Suspension
|
Sasaki consented to the described sanctions and to the entry of findings that he borrowed $74,818 from a trust for which he acted as a trustee in contravention of his member firm's written policy prohibiting its employees from borrowing money from firm customers. The findings stated that Sasaki engaged in business activities outside the scope of his member firm and failed to provide his firm with prompt written notice.
|
December 2006
|
|
Sassano, Michael
|
Miramar Beach, FL
|
Barred
|
On appeal, the Board of Directors (the "Board") of NYSE Regulation, Inc. affirmed in all respects the decision of the Hearing Board. Specifically, the Board held that the Hearing Officer correctly determined that Sassano failed to establish that the conduct of the Division of Enforcement constituted state action and that, as a result, the Fifth Amendment did not prevent sanctions for Sassano's failure to testify. With respect to the process afforded to Sassano by the Hearing Officer, the Board further found that, in light of the relevant precedent, including the SEC's recent decisions on the issue of state action in Quattrone, Ficken, Turk, and Heinze, and in light of the lack of evidence of state action presented by Sassano, Sassano was not entitled to additional discovery relating to his state action claim.
|
November 2007
|
|
Sathianathan, Raghavan
|
Montclair, New Jersey
|
Barred
|
Sathianathan recommended and effected securities transactions for public customers that were not suitable in light of the customers' financial situations, investment objectives, circumstances and needs. The findings stated that Sathianathan exercised discretion in a customer's account without the customer's prior written authorization and his member firm's acceptance of the account as discretionary. This decision has been appealed to the U.S. Court of Appeals and the sanctions, other than the bar, are not in effect pending consideration of the appeal.
|
March, 2007
|
|
Saxon, Christopher Eric
|
Indianapolis, Indiana
|
Barred
|
He failed to respond to NASD requests for information.
|
February 2006
|
|
Scales, Jordan Elijah
|
Coral Springs, Florida
|
Complaint Filed
|
Named as a respondent in an NASD complaint alleging that he effected, or caused to be effected, stock purchases in customer accounts without the customers' prior knowledge or authorization. The complaint also alleges that Scales failed to respond to NASD requests for information.
|
May 2005
|
|
Scarso, Emanuele Anthony
|
Brooklyn, New York
|
Barred
|
The sanctions were based on findings that Scarso executed unauthorized transactions in public customers' accounts.
|
August 2006
|
|
Scavuzzo, James A.
|
Sicklerville, New Jersey
|
Barred
|
He failed to respond to NASD requests for information.
|
January 2005
|
|
Schacht, Kenneth Donald
|
Racine, Wisconsin
|
18-Month Suspension
|
Schacht falsified a letter of indemnity and forged the signature of his member firm's chief operating officer on the letter.
|
December 2006
|
|
Schaedel,
John B.
|
Kissimmee,
Florida
|
1-Year
Suspension
|
Nearly all of his clients market timed
mutual funds and his customers opened accounts for common beneficial owners
and engaged in deceptive activities to avoid fund restrictions. The findings
also stated that although he was aware that certain mutual funds discouraged
or restricted frequent trading, he immediately began executing market-timing
transactions for his customers. NASD found that, as a result of these
deceptive practices, the customers executed roundtrips that violated fund
restrictions or limitations, thus earning substantial illicit profits.
|
November
2005
|
|
Schaffer, John Paul
|
Hazlet, New Jersey
|
Barred
|
He converted $74,000 from a public customer for his own use and benefit. The findings also stated that Schaffer failed to respond to NASD requests for information.
|
March 2006
|
|
Schatz, Laura C.
|
Round Lake Beach, IL
|
Barred
|
Schatz used her supervisor's credit card to pay for her personal expenses without her supervisor's knowledge or consent.
|
December 2007
|
|
Schettino, Jesus Francisco
|
Anaheim, California
|
Barred
|
He willfully failed to disclose material information on a Form U4.
|
May 2005
|
|
Schiller, Abraham
|
Tamarac, Florida
|
Barred
|
He entered fictitious contribution changes into his firm's computer system falsely representing that plan participants had increased their periodic contributions into their retirement plans. The findings stated that Schiller made other entries into the firm's system to attempt to conceal his unearned commissions totaling $55,077.19, and prevent his firm from reversing the commissions to which he was not entitled. The findings also stated that Schiller failed to respond to NASD requests for information and to appear for an on-the-record interview.
|
April 2005
|
|
Schiller, Paul Gerard
|
Waubun, MN
|
1-Year Suspension
|
Schiller engaged in private securities transactions without prior written notice to his member firm describing in detail the proposed transactions and his proposed role therein. The findings stated that Schiller's firm did not approve, in writing, his participation in the transactions
|
December 2007
|
|
Schlesinger, Steven Lawrence
|
New York, New York
|
Barred
|
Schlesinger consented to the described sanction and to the entry of findings that he purchased a municipal bond and engaged in a fraudulent and manipulative scheme in which he orchestrated prearranged non-bona fide sales and purchases of the bond by setting a same-day settlement when he sold the bond, and an extended settlement date when he repurchased the bond. The findings stated that Schlesinger promised a profit to contra parties of the transactions and assured them they were exposed to no risk of loss, although he knew the prices he predicted did not reflect the actual market value of the bond. The findings also stated that Schlesinger knew that the purchases and sales of the bond he arranged caused the publication and distribution of reports that were fictitious and in furtherance of his fraudulent, deceptive and manipulative purpose. The findings also included that Schlesinger made false and misleading statements under oath during an NASD interview.
|
June 2006
|
|
Schott-Bardol, Daniel Edward
|
Hickory, North Carolina
|
Barred
|
Pursuant to NASD Rule 9552(h)
|
April 2007
|
|
Schrack, II, James Manner
|
Mansfield, Ohio
|
Barred
|
Schrack misappropriated $280,000 that belonged to mutual fund shareholders.
|
May 2007
|
|
Schroeder, Lee Gerald
|
Platteville, Wisconsin
|
Barred
|
Schroeder failed to disclose a material fact on his Form U4. The findings stated that Schroeder failed to timely respond to NASD requests for information and failed to appear for an NASD on-the-record interview.
|
November 2006
|
|
Schroeder, Steven Keith
|
N. Barrington, Illinois
|
Barred
|
He forged the signatures of public customers and their trustee to life insurance assignment forms involving insurance policies without the knowledge and consent of the customers and their trustee. The findings stated that Schroeder pledged the life insurance policies as collateral for a loan made to a company principally owned and operated by him, and affixed the signature of a loan officer of the bank that made the loan to his company to a release of one of the life insurance assignment forms without the loan officer's knowledge and consent.
|
May 2005
|
|
Schubert, Marsha Kay
|
Crescent, Oklahoma
|
Barred
|
Without prior notice to or approval from her member firms, she made material false representations to induce public customers to invest $7,738,500 in an investment program she operated, and repaid $1,118,700 to certain of the customers with funds obtained from other investors-not from the trading of option contracts.
|
February 2006
|
|
Schuster, Brian Jonathon
|
Syracuse, NE
|
Barred
|
Schuster made unsuitable recommendations to public customers without reasonable grounds for believing that such transactions were suitable for the customers in view oftheir financial situations, investment objectives and financial needs. The findings stated that to induce the purchase of securities, Schuster failed to disclose material facts thatdemonstrated the securities' risks and true financial conditions even though he had knowledge of such facts.
|
November 2007
|
|
Schwartz, Barry Leonard
|
Huntington, New York
|
Barred
|
He failed to appear for an NASD on-the-record interview.
|
April 2005
|
|
Schwartz, Jack Mace
|
Salina, Kansas
|
Complaint Filed
|
Named as a respondent in an NASD complaint alleging that he made unsuitable recommendations to public customers without having reasonable grounds for believing that his recommendations were suitable for the customers based on their financial situation and needs.
|
August 2005
|
|
Schwarzwaelder,
Cheryl Roppa
|
Sewickley
Heights, Pennsylvania
|
Barred
|
She caused inaccurate expense reports for
client development to be submitted to her member firm.
|
November
2005
|
|
Schweiger, Laurence Bryan
|
Plantation, Florida
|
Barred
|
He participated in private securities transactions without prior written notice or approval from his member firm
|
May 2005
|
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