Date: June 21, 2004 Category: Customer Dispute Allegations: CLIENT ALLEGES THAT CONSULTANT INFORMED HIM THAT IF HE WITHDREW MONEY FROM HIS IRA TO BE APPLIED TOWARDS PURCHASE OF HIS PRIMARY RESIDENCE, THEN NO TAXES OR PENALTIES WOULD BE APPLIED OR ASSESSED PERTAINING TO THAT WITHDRAWAL. HOWEVER,IN WITHDRAWING MONEY FROM HIS IRA, TAXES AND PENALTIES WERE IN FACT ASSESSED. Damage Amount Requested: $82,000.00
Date: August 26, 1965 Category: Regulatory Initiated By: SECURITIES AND EXCHANGE COMMISSION Allegations: DURING THE PERIOD FROM ABOUT APRIL 1960 TO ABOUTNOVEMBER 1961, KOWITSKI WILLFULLY VIOLATED SECTION 17(A) OF THE SECURIITES ACT AND SECTIONS 10(B) AND 15(C)(1) OF THE EXCHANGE ACT AND RULES 17 CFR 240.10B-5 AND 15C1-2THEREUNDER IN THE OFFER AND SALE OF THE COMMON STOCK OF FEDERAL BOWLING CENTERS, INC. ("FEDERAL"). AS SET FORTH IN THE ORDER FOR PROCEEDINGS, SUCH VIOLATIONS INCLUDED THE MAKING OF FALSE AND MISLEADING STATEMENTS TO PURCHASERS AND PROSPECTIVE PURCHASERS REGARDING FEDERAL'S BUSINESS, EARNINGS AND FINANCIAL CONDITION, AND THE RECOMMENDING OF FEDERAL STOCK, WITHOUT REASONABLE INQUIRY AS TO MATERIAL FACTORS AFFECTING THE STOCK'S VALUE AND WITHOUT DISCLOSURE OF MATERIAL FACTS, TO CUSTOMERS WHOSE INVESTMENT NEEDS WERE UNKNOWN TO RESPONDENTS. Resolution: Order SanctionDetails: Sanctions: Suspension Sanction Details: 08-26-65 SEC REL. 34-7686: SUSPENDED 30 DAYS (09-01-65 -10-01-65). Broker Comment: I WAS PRESIDENT OF GREAT EASTERN SECURITIES, AREGISTERED BROKER DEALER. UNDER SEC RELEASE #7686, THE FIRM ANDMYSELF SUBMITTED AN OFFER OF SETTLEMENT TO THE SEC. AS ARESULT, THE FIRM MEMBERSHIP IN THE NASD WAS SUSPENDED FOR NOTMORE THAN 120 DAYS AND I WAS SUSPENDED FOR A PERIOD OF 30 DAYS.
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