April 2011 Account Executive Enforcement Action:
Gary Chew (CRD #1966956, Registered Representative, Lafayette, California, formerly licensed with BrokerExpress, LLC.) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for three months. The fine must be paid either immediately upon Chew’s reassociation with a FINRA member firm following his 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, Chew consented to the described sanctions and to the entry of findings that he engaged in a private securities transaction, by purchasing shares of stock via subscription agreement, outside the regular scope of his employment with his member firm and without providing prior written notice of this private securities transaction to the firm. The findings stated that Chew engaged in an outside business activity, as the president and sole owner of an entity, without providing prompt written notice to his firm. The findings also stated that Chew made false statements and attestations to his firm when he completed compliance questionnaires and annual attestations on which he declared to the firm that he had not personally invested in any private security transaction outside of the firm, that he was not “engaged in any outside activity either as a proprietor, partner, officer, director, trustee, employee, agent or otherwise,” and that he did not participate in any outside business activities except for those previously disclosed to, and approved in writing by, the firm. The suspension is in effect from March 7, 2011, through June 6, 2011. (FINRA Case #2008014479002).
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