FINRA did give him a slap on the wrist, $20,000:
HUSS WAS NAMED A RESPONDENT IN A FINRA COMPLAINT ALLEGING THAT HE MADE FRAUDULENT MISREPRESENTATIONS IN CONNECTION WITH THE SOLICITATION AND SALE OF OVER $3 MILLION WORTH OF PROMISSORY NOTES ISSUED BY A REAL ESTATE DEVELOPMENT COMPANY IN A PRIVATE OFFERING TO CUSTOMERS OF ANOTHER MEMBER FIRM REPRESENTATIVE.
THE COMPLAINT ALLEGES THAT HUSS COMMITTED FRAUD BY RECKLESSLY MISREPRESENTING TO CUSTOMERS THAT THE NOTES WERE FULLY SECURED BY THE COMPANY'S PLEDGE OF PROCEEDS FROM THE SALE OF CERTAIN HISTORIC REHABILITATION TAX CREDITS (HRTCS). HUSS PROVIDED INVESTORS WITH DOCUMENTS IN WHICH THE COMPANY FALSELY STATED THAT THE NOTES WERE SECURED BY PROCEEDS FROM THE HRTCS.
HUSS USED THESE MATERIALS TO MARKET THE NOTES TO PROSPECTIVE INVESTORS, RECKLESSLY DISREGARDING INFORMATION INDICATING THAT COMPANY'S STATEMENTS WERE FALSE. IN REALITY, THERE WAS NO COLLATERAL FOR THE NOTES. HUSS WILLFULLY VIOLATED SECTION 10(B) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULE 10B-5. THE COMPLAINT ALSO ALLEGES THAT HUSS RECKLESSLY OR (IN THE ALTERNATIVE) NEGLIGENTLY MADE FALSE AND MISLEADING REPRESENTATIONS ABOUT THE NOTES AND PROVIDED FALSE AND MISLEADING MATERIAL TO INVESTORS ABOUT THE NOTES. THE MISREPRESENTATIONS WERE MATERIAL.
Resolution:
Decision & Order of Offer of Settlement
Sanctions:
Civil and Administrative Penalty(ies)/Fine(s)
Amount:
$20,000.00
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