LexisNexis Corporate & Securities Law Community 2011 Top 50 Blogs

Bon mots

"You can observe a lot just by watching." Yogi Berra

"We do not distain to borrow wit or wisdom from any man who is capable of lending us either." Henry Fielding, Tom Jones

"In our complex society the accountant's certificate and the lawyer's opinion can be instruments for inflicting pecuniary loss more potent than the chisel or the crowbar." United States v. Benjamin, 328 F.2d 854, 862 (2d Cir. 1964)

NASD Bar for Rep's Failure to Disclose Multiple Felony Charges And Misdemeanor Conviction Upheld

Jason A. Craig, Exchange Act Rel. 59137, December 22, 2008

Time since appeal filed - 10 months 16 days
Time since last brief - 6 months 3 days
Pages - 13
Footnotes - 48


Craig was a registered rep at a member firm. He failed to disclose four felony charges and a misdemeanor conviction on his U4 registration application. NASD barred him. The felonies involved drug and forged checks. The check charges in which Craig was charged with changing the payee on checks to himself were reduced to misdemeanors and he plead guilty. He also plead guilty to another misdemeanor charge based on forgery of a driver's license.


Craig was told in an employment interview to disclose all criminal charges and convictions. He was fired after a mandatory finger print check showed charges and convictions that he failed to disclose on his U4.


Needless to say Craig was pro se. He obviously had time on his hands. Here, Craig's undisclosed misdemeanor conviction statutorily disqualified him from associating with a broker-dealer. One must wonder why the Commission dawdled for six months in issuing this opinion that involves no unusual factual or legal issues.