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John Tabacco Decision

John Tabacco Decision

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Published by Justin Elliott

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Published by: Justin Elliott on Nov 22, 2011
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NASD
REGULATION,INC.
DISTRICT
BUSINESS
CONDUCT
COMMITFEE
FORDISTRICT
NO.10Complaint
No.
C10960146
District
Business
Conduct
CommitteeForDistrict
No.
10,
Compainant
DEFAULT
DECISION
s.
DATED:
Febrnary3,
1991
JohnAnthonyTabacco,
Jr.(CR1)
#2239885)RespondentTheComplaintinthismatterwasfiledonNovember
15,
1996,
pursuant
to
an
order
of
anxamination
subcommittee
of
the
DistrictBusiness
Conduct
Committee
forDistrict
No.
10
(the
Committee),
afteritsreview
of
a
staff
investigation
revealedapparent
violationsbyRespondentohnAnthonyTabacco,
Jr.
(Tabacco)
of
NASDRegulation,
Inc.(the
NASDR)
ConductRule
110.
BACKGROUND
At
all
timesallegedin
the
Complaint,RespondentTabacco
wasregistered
with
thet[ASDRas
a
eneralSecurities
Representative
(“GSR)
andemployed
withthefollowing
member
finns:
Firstanover
Securities,
Inc.(Hanover”)
(BDNo.14469),
from
in
oraround
September
1992
through
ebruary
1994,
andRussoSecurities,
Inc.(Russo)
(BD
No.
14425),
from
in
or
aroundFebruary
994
throughFebruary
1995.RespondentTabecco
is
not
currentlyregisteredwiththe
NASDR.
Henonethelessremainssubject
o
the
jurisdiction
of
theNASDR,pursuanttoArticleIV,
Section4
of
the
By-Laws
of
the
Nationalssociation
of
SecuritiesDealers,
Inc.
(the
Association).
THE
COMPLAINT
The
Complaintconsists
of
oneCause
whichalleges
that
Respondent
Tabaccoexecuted,
or
caused
o
be
executed,eleven(11)transactionsin
three(3)
unreLated
customer
accounts,
as
is
more
hilly
et
forth
in
the
Complaint,without
the
priorknowtedge,
authorization
orconsent
of
the
respective
ustomers.
I
1253
ZG6
 
John
Anthony
Tabacco.
Jr.
Complaint
No.
Cl
0960146
V
Page2
By
reason
of
the
foregoing,
Respondent
Tabacco
isalleged
to
have
violatedNASDR
Conduct
Rule
110.
V
NOTICE
OF
COMPLAINT
By
certified
maildated
November
15,
1996,
the
firstNotice
of
Complaint
was
servedupon
espondent
Tabacco
at
his
last
known
address
as
reflectedinthe
Associations
records.This
ailing
wasreturned
to
the
Association
marked,
Unclaimed.”
By
first-classand
certified
mall
ated
December
16,1996,
the
second
Notice
of
Complaint
was
served
upon
Respondent
Tabacco
this
lastknownaddress
as
reflected
in
the
Association’s
records.
The
certified
mailing
was
eturned
to
theAssociation
marked,
1
nclaimed,
but
the
first-class
mailing
was
not
returned.
FINDINGS
AND
CONCLUSIONS
We
have
reviewed
the
Complaint
andthe
exhibits
presented,
and
we
are
satisfied
thatsufficient
vidence
exists
to
supportthe
allegations
thatRespondent
Tabacco
executed
eleven
(11)
nauthorized
transactionsin
theaccounts
of
three(3)customers,
as
setforth
in
the
Complaint.
Theevidence
includes.
Respondent
Tabaccos
CR1)
abstract;
the
transcript
fromRespondentabacco’son-the-recordinterview,along
withthe
corresponding
exhibits;
Hanover’s
lettersdated
une
1,
1994,
with
attachment,
and
April
23,
1996,
inresponseto
the
staffs
inquiry
regarding
theomplaint
of
customer
WM;
Respondent
Tabaccosletter,
dated
May24,
1994,
in
response
to
the
taffs
inquiry
regarding
the
complaint
of
customer
WM;Russos
letter,
dated
May
1,
1995,
inesponseto
the
staffs
inquiry
regardingthecomplaint
of
customer
WM;
Respondent
Tabecco’s
letterated,
December
8,1995.
in
responseto
the
staffs
inquiry
regarding
thecomplaint
of
customer
BP;
complaint
letter
from
customer
B?,
datedFebruary
14,
1995,
sent
to
the
NASDR.
regardingespondent
Tabacco’sconduct;
affidavitfromcustomer
WM;
affidavit
from
customer
DG;
affidavit
romcustomer
BP;
memoranda
of
conversations
betweenthe
staff
and
customers
BP
andWM;ustomer
WMs
complaint
letter,
datedFebruary
24,
1994;
commission
statements
forRespondent
abacco
from
Hanover
and
Russo;
customer
DG’stax
returns
andnewaccount
form;
customerM’s
account
statements;
the
envelopescontaining
the
certified
mailing
for
the
first
andsecond
otices
of
Complaint
marked,“Unclaimed.”
We
notethat
underthe
provisions
of
Procedural
Rule
9134,the
mailing
of
the
Complaint
to
espondent’s
last
known
address
as
reflected
in
the
Associations
records
constitutes
valid
servicendnotice.
Based
uponthe
record
beforeus,we
are
satisfied
that
the
Association
has
fulfilledits
bligations
undertheCode
of
Proceduretoserve
andnotify
the
Respondent
of
theComplaint.mportantly,
the
fact
that
the
RespondentTabacco
hasapparently
failedto
update
hisaddressrecords

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