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"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)

Finra Bar for False Expense Claim of $1,144 Affirmed

John M.E. Saad, Exchange Act Rel. 62178, May 26, 2010

Time since appeal filed - 6 months 22 days
Time since last brief filed - 3 months 9 days

Finra charged Saad, a registered rep with filing a false expense reimbursement claim with his firm. He was barred and assessed costs. He appealed and the Commission upheld the Finra sanctions. The total of claimed expenses was $1,144. Saad admitted the claim was falsified. In upholding the sanction, the Commission noted that Saad not only falsified an expense claim, but also by accepting the reimbursement, misappropriated funds from his employer. He also fabricated receipts for a non-existent business trip. Given the amount of deceit involved, the Commission upheld Finra's finding that his continued employment in the securities industry posed an unwarranted threat to the investing public.

A rep who lies and steals will not find this Commission to be sympathetic.