From the Library :
I left the business in 1997. Three years later, In 2000, the State of Florida asked me to voluntarily go back and change my U-4 to include a complaint from against me from 1989. The U-4 is a doc each broker files where the volunteer their employment and disciplinary background. They file these when you move from firm to form and when you leave the industry.
I did not include the 1989 complaint in his 1997 U-4 when I left because I had won a civil suit over the complaint. The judge signed an order that the client lied. A jury awarded I $215,000.00 in damages. The judge ordered the NASD to remove the complaint from my record which they never did.
You can see this On page 11 of my U-4 report...
"The NASD's only witness in this event was sued by I. A Florida Circuit Judge Frank Pound Brevard County entered an order on June 8th 1990 stating that she recanted her statement and testimony of wrong doing. She also asked two times to have the NASD remove the complaint from the record. On August 18th 1993 I sued her in civil court for the statements she made about him and the jury awarded him $215,000.00 in damages for the lies to the NASD. The finial judgement was entered 9/3/1993"
The reason I was awarded a quarter on million dollars by the jury was because of the effect the client's lies had on my business and family.
Then 3 years after I left the business to pursue other ventures, the State of Florida came out of nowhere and demands I file a new U-4 and add the information about this complaint. I would to do that. I had not been a broker for 3 years now and they wanted me to add a complaint in which I won in civil court after years of fighting. My lawyer said we could fight the State and it would cost me about 30k to win. To spend 30k and win does not sound like a win to me.
The state pushed the issue and being that I never planned on being a broker again I agreed with my lawyer that I would sign the stipulation to not be a broker in Florida for 10 years and the case went away. If I wanted I could be a broker in any other state. I signed this and it was over. But the one thing I would not do was update that U-4. I stood my ground and never did that.
I don't really even need to address this because it was so long ago. It has nothing to do with what I am doing today. I won this battle the first time in 1993 when the jury awarded me the $215,000.00. That was 19 years ago. Then I won again 12 years ago when I refuse to add that to my U-4. But the idea that somebody is grasping at straws trying so hard to dig something up on me to try to hurt our stock price is amazing to me.
AI
