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SEC COMMISSION OPINION
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EXTRACTED KEY WORDS
CUSTOMERS SECURITIES TRANSACTIONS PROMISSORY NOTES NASD RECOMMENDATIONS SANCTION EXCHANGE ACT SALE VIOLATION MEMBER NATIONAL ASSOCIATION INVESTOR COMMISSION DISCIPLINARY ACTION INVESTMENT REGULATION UNSUITABLE RECOMMENDATIONS SOLD SECURITIES ROBIN BRUCE MCNABB SECURITIES DEALERS SECURITIES LAWS PRIVATE SECURITIES TRANSACTIONS GERALD JAMES STOIBER HEARSAY EVIDENCE REGISTERED REPRESENTATIVES ACCOUNT FORM NOTIFYING EMPLOYER FEDERAL SECURITIES LAWS |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No.43411 / October 4, 2000
Admin. Proc. File No. 3-9886
In the Matter of
ROBIN BRUCE McNABB
For Review of Action Taken by the
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Opinion of the Commission
REGISTERED SECURITIES ASSOCIATION -- REVIEW OF DISCIPLINARY ACTION
Violations of Conduct Rules
Failure to Inform Employer of Private Securities Transactions
Unsuitable recommendations
Registered principal sold securities in the form of promissory notes
to customers without notifying employer. Three of the sales involved
unsuitable recommendations. Held, association's findings of violation
are sustained in part, and sanctions imposed by association are
sustained.
APPEARANCES
Thomas Breen Kidwell, for Robin Bruce McNabb.
Alden S. Adkins, Norman Sue, Jr., Susan L. Beesley, and Nancy C.
Libin, for NASD Regulation, Inc.
Appeal filed April 30, 1999
Last brief received August 16, 1999
I.
Robin Bruce McNabb, formerly associated with American Investors
Company ("AIC"), a member of the National Association of Securities
Dealers, Inc. ("NASD"), appeals from NASD disciplinary action. The
NASD found that McNabb sold securities in the form of promissory notes
to six public customers and sold securities in the form of investment
contracts to two public customers without giving AIC prior written
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