Purdon PERMANENTLY sanctioned and fined by FINRA.
-> ALL FUTURE SECURITIES REGISTRATION APPLICATIONS WILL BE DENIED.
Go to brokercheck.finra.org for details, or read 'em here..
WASHINGTON
AllegationsON DECEMBER 21, 2011, THE SECURITIES DIVISION ENTERED A FINAL ORDER AGAINST RAYMOND FRANCIS PURDON. THE FINAL ORDER STATED THAT THE RESPONDENT HAD FAILED TO APPEAR FOR STATUS CONFERENCES ON SEPTEMBER 20, 2011 AND OCTOBER 5, 2011. THE RESPONDENT WAS SUBJECT TO AN ORDER OF DEFAULT THAT WAS ENTERED ON OCTOBER 5, 2011 BY ADMINISTRATIVE LAW JUDGE THOMAS P. RACK. THE FINAL ORDER ORDERED THE RESPONDENT TO CEASE AND DESIST FROM ANY FURTHER VIOLATIONS OF RCW 21.20.010 AND DENIES FUTURE SECURITIES REGISTRATION APPLICATIONS OF THE RESPONDENT. THE FINAL ORDER ALSO ORDERED THE RESPONDENT TO PAY A FINE OF $10,000, AND INVESTIGATIVE COSTS OF $500. THE RESPONDENT HAS THE RIGHT TO PETITION THE SUPERIOR COURT FOR JUDICIAL REVIEW OF THE ORDER. ON MARCH 1, 2011, THE SECURITIES DIVISION ENTERED A STATEMENT OF CHARGES AND NOTICE OF INTENT TO ENTER ORDER TO CEASE AND DESIST, DENY FUTURE REGISTRATIONS, IMPOSE FINES, AND RECOVER COSTS AGAINST WILLIAM SPENCER HOWARD III AND RAYMOND FRANCIS PURDON (COLLECTIVELY "RESPONDENTS"). THE SECURITIES DIVISION ALLEGES THAT WHILE A WASHINGTON RESIDENT WAS RESPONDENT HOWARD'S CUSTOMER AT GUNNALLEN FINANCIAL, INC., RESPONDENT HOWARD AND/OR HIS COLLEAGUE RESPONDENT PURDON SOLICITED THE RESIDENT TO INVEST A TOTAL OF $443,504 IN TWO STOCK INVESTMENTS. THE SECURITIES DIVISION ALLEGES THAT IN OFFERING AND SELLING THE INVESTMENTS, RESPONDENT HOWARD AND/OR RESPONDENT PURDON VIOLATED THE ANTI-FRAUD PROVISION OF THE SECURITIES ACT OF WASHINGTON BY MAKING MISREPRESENTATIONS AND OMISSIONS OF MATERIAL FACTS, AND ENGAGED IN DISHONEST OR UNETHICAL PRACTICES BY EFFECTING SECURITIES TRANSACTIONS NOT RECORDED ON THE REGULAR BOOKS AND RECORDS OF THE BROKER-DEALER WHICH THEY REPRESENTED. THE SECURITIES DIVISION FURTHER ALLEGES THAT IN OFFERING AND SELLING THE INVESTMENTS, RESPONDENT HOWARD ENGAGED IN DISHONEST OR UNETHICAL PRACTICES BY RECOMMENDING AN UNSUITABLE INVESTMENT, MARKING AN ORDER TICKET AS UNSOLICITED WHEN IN FACT THE TRANSACTION WAS SOLICITED, AND BY FORGING THE RESIDENT'S SIGNATURE. THE SECURITIES DIVISION INTENDS TO ORDER THAT THE RESPONDENTS CEASE AND DESIST FROM VIOLATING THE SECURITIES ACT OF WASHINGTON, AND GAVE NOTICE OF ITS INTENT TO DENY FUTURE SECURITIES REGISTRATION APPLICATIONS OF THE RESPONDENTS. THE SECURITIES DIVISION ALSO GAVE NOTICE OF ITS INTENT TO COLLECT FINES AND CHARGE COSTS. THE RESPONDENTS HAVE A RIGHT TO REQUEST A HEARING ON THE STATEMENT OF CHARGES.
Resolution Order
Sanctions Cease and Desist
SanctionsC ivil and Administrative Penalty(ies)/Fine(s)
Amount
$10,000.00
Sanctions Denial
Sanctions Monetary Penalty other than Fines
Amount
$500.00
Sanctions ALL FUTURE SECURITIES REGISTRATION APPLICATIONS WILL BE DENIED.
