South Florida Arbitration & Litigation Lawyer Blog
Private Placement, Selling Away, Negligent Supervision, Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
December, 2011:
Xiomara Isabel Beach (CRD #5628107, Registered Representative, Long Beach, California) submitted a Letter of Acceptance, Waiver and Consent in which she was fined $7,500 and suspended from association with any FINRA member in any capacity for 20 business days. The fine must be paid either immediately upon Beach’s reassociation with a FINRA member firm following her suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Beach consented to the described sanctions and entry of findings that she sold, or participated in the sale of, approximately $1.3 million in private placement offerings to customers without the required FINRA license because she did not pass the General Securities Representative (Series 7) licensing exam or any other FINRA licensing exam until a later date. The suspension was in effect from November 7, 2011, through December 5, 2011. (FINRA Case #2010022715604).