SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 43363 / September 27, 2000
Admin. Proc. File No. 3-9812
In the Matter of the Application of
SUNDRA ESCOTT-RUSSELL
c/o William J. Baxley, Esq.
Baxley, Dillard, Dauphin & McKnight
2000 Sixteenth Avenue South
Birmingham, Alabama 35205
For Review of Disciplinary Action Taken by the
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Opinion of the Commission
REGISTERED SECURITIES ASSOCIATION -- REVIEW OF DISCIPLINARY
PROCEEDINGS
Violations of Conduct Rules
Failure to Supply Requested Information
Associated person of member of a registered securities association
failed to supply information requested by association in a timely
manner. Held, association's findings of violation and sanctions it
imposed sustained in part and set aside in part.
APPEARANCES
William J. Baxley and Joel E. Dillard, of Baxley, Dillard, Dauphin &
McKnight, for Sundra Escott-Russell.
Alden S. Adkins, Susan L. Beesley, Norman Sue, Jr., and Shannon V.
Lane, for NASD Regulation, Inc.
Appeal filed January 12, 1999
Last brief received April 20, 1999
I.
Sundra Escott-Russell, a former investment company and variable
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
Baxley, Dillard, Dauphin & McKnight
Birmingham, Alabama 35205
Failure to Supply Requested Information
Associated person of member of a registered securities association failed to supply
association's findings of violation and sanctions it imposed sustained in part and set aside
William J. Baxley and Joel E. Dillard, of Baxley, Dillard, Dauphin & McKnight, for Sundra
Sundra Escott-Russell, a former investment company and variable contracts principal of
The NASD found that Escott-Russell violated NASD Conduct Rules 2110 and 3030 by engaging in
The NASD further found that Escott-Russell failed to supply information requested by the NASD
At all times relevant to this case, Escott-Russell was, in addition to being a principal of
Day told Escott-Russell that this "gift" included placement in a WIN "hierarchy" and a
PFS obtained a WIN brochure in which Escott-Russell's picture appeared with a caption
The NASD staff wrote a letter to Escott-Russell on November 3, 1995, requesting that she
On February 26, the staff received a letter from an attorney representing Escott-Russell,
On November 25, 1996, an NASD District Business Conduct Committee ("District Committee")
we must set aside the NASD's determination that Escott-Russell violated Rule 3030 as well as
Escott-Russell argues that she responded completely to the NASD's requests, as evidenced by
Even if her testimony had included the information that the NASD had sought in its February
Section 15Aof the Securities Exchange Act of 1934 requires NASD proceedings to be fair.
A hearing, in which she and her counsel participated and at which she was given an
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