Edward J. Jakubik, Jr., Exchange Act Rel. 61541, February 18, 2010
Finra charged Jakubik with unauthorized trading in customer accounts. He failed to appear at the hearing and was barred by default by the Finra hearing officer. He failed to appeal this decision to Finra. He nevertheless filed an appeal with the SEC almost five years after the Finra sanctions became final. Finra moved to dismiss Jakubik's appeal. It argued: 1) he had failed to exhaust his administrative remedies by failed to challenge the default; and 2) his appeal to the SEC was untimely. The Commission agreed with Finra and dismissed Jakubik's appeal.
