Chris Dinh Hartley, who was an investment company products and variable contracts representative with Pruco Securities Corporation, an NASD member firm, appeals from NASD disciplinary action. http://www.sec.gov/litigation/opinions/34-50031.htm. Another photo visible in the camera roll was a meme of Evans with the statement âGuard that p*ssyâ. "16 However, we consider that, if anything, NASD was lenient in evaluating those factors. Nor did he provide Kasparian with the necessary details about the notes and his sales activities. His conduct exhibits a disturbing disregard for applicable requirements. Thereafter, Hartley discontinued the sale of FLIC notes. The director approved Hartley's amended Form U-4 without taking further action. Investors were attracted by the notes' high rate of interest, and FLIC purportedly sought to raise money from their sale to carry on its regular business. NASD's determination that Hartley violated Rule 2110 is in accord with our policy that a violation of another NASD rule, including Rule 3040, also constitutes a violation of Rule 2110.11 Conduct that violates other NASD rules (with which associated persons like Hartley are presumed to be familiar)12 is by its very nature inconsistent with high standards of commercial honor and just and equitable principles of trade.13 We accordingly sustain NASD's finding of violation. He furnished additional information only when questioned by Korp. By the Commission (Chairman DONALDSON and Commissioners GLASSMAN and ATKINS); Commissioners GOLDSCHMID and CAMPOS not participating. 1 trending topic on Twitter. Scianna also questioned Hartley as to whether he had checked with Pruco, and Hartley replied that he had asked for permission to sell FLIC notes and had been told that "it was fine.". From September 21, 1996 through January 10, 1997, Hartley sold six FLIC notes in the total amount of $255,000 to five customers, two of whom were Pruco clients. Moreover, we note that Hartley surrendered his FLIC commissions only after he was threatened with a lawsuit by FLIC's receiver in bankruptcy. Hartley's misconduct illustrates the potential for harm to public investors through unsupervised securities transactions. Despite clear indications that FLIC notes might well be securities, Hartley made no effort to consult Pruco before beginning his sales, while falsely representing to FLIC and Scianna that he had done so. Chris Pratt is being "cancelled" by Twitter once again and the #RIPChrisPratt hashtag trends. please respect chris evans privacy, he suffers from anxiety and spreading the pictures only make things worse. The evidence in the record undercuts Hartley's protest-ations. As required, he initialed each of the statements in the Declaration, including the following: " I have notified my Broker/Dealer of my participation in providing this exempt security to my clients." 1998); Steven B. Theys, 51 S.E.C. 1990); Baurer v. Planning Group, Inc., 669 F. 2d 770, 776 (D.C. Cir. Chris Dinh Hartley, who was an investment company products and variable contracts representative with Pruco Securities Corporation, an NASD member firm, appeals from NASD disciplinary action. Purchasers of the notes reasonably considered that they were making an investment, and no other scheme of regulation was available. While doing it, he fail to edit the last clip which revealed a gallery of videos and pictures, including one featuring a photo of a penis.The actor quickly deleted the post but too late, netizens have grabbed a screen capture of it. 12 Carter v. SEC, 726 F.2d 472, 473-474 (9th Cir. 41628 (July 20, 1999), 70 SEC Docket 418, 428. NASD pointed out that one of the Guidelines' overriding considerations in determining sanctions is whether the respondent's misconduct resulted in injury to others and, if so, "the nature and extent of that injury." The letter further stated that the court had authorized the receiver to sue Hartley to recover his commissions. He earned commissions of $10,160 on the sales. However, the NAC did not adopt that conclusion, and it is the NAC's conclusions that are before us for review, not those of the Hearing Panel. After Pruco's compliance meeting in November 1997, some eight months after his last abortive sale of a FLIC note, Hartley amended his Form U-4 by including the name FLIC in a list of 40 outside entities with which he had conducted business during the year.6. 1331 Cotterell Drive Hartley complains that the NAC failed to recognize that FLIC noteholders will recoup from 44% to 74% of their funds in the FLIC bankruptcy proceeding. Scianna provided Hartley with various materials concerning FLIC, including a Dun and Bradstreet report and FLIC's "Disclosure Document" that was used to solicit sales of the company's notes. 17 We do not agree with Hartley's claim that this circumstance was ameliorated because the two customers did not use money from their Pruco accounts to purchase FLIC notes. In August 1996, he attended a presentation given by Randy Scianna, an insurance agent and owner of his own insurance agency, that was aimed at recruiting salespersons for the promissory notes of First Lenders Indemnity Corporation ("FLIC"). We believe that they are included within the definition of "security" in Section 2(a)(1) of the Securities Act of 19337 and Section 3(a)(10) of the Securities Exchange Act of 19348 as "any note," and that they are not excluded from that definition under the Supreme Court's "family resemblance" test.9 FLIC's notes do not resemble any of the instruments that the Court recognized as not constituting securities, and there is no basis for adding the notes to the list of non-securities. In light, among other things, of Hartley's false statements to FLIC and Scianna that he had notified Pruco of his decision to sell FLIC notes and obtained Pruco's approval, it would appear, although NASD did not seek to establish a violation on this basis (and thus we do not), that Hartley violated Rule 2110 independently of his violation of Rule 3040. The purpose of Rule 3040 is to protect investors from unsupervised sales and securities firms from exposure to loss and litigation from transactions by associated persons outside the scope of their employment. Even on his amended 1997 Form U-4, submitted long after his sales of FLIC notes had ended, Hartley merely included FLIC's name in a list of 40 entities with which he had conducted business during the year. He asserts that NASD did not consider or gave insufficient weight to various mitigating circumstances, and that his conduct was "neither intentional, reckless, nor grossly negligent.". 13th September 2020 – (Los Angeles) Chris Evans has been trending on Twitter for accidentally sharing a picture of a penis—and fans are trying to make sure it does not get circulated. 4 reactions.
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