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May 15, 2012

Orlando Rep Fined and Suspended by FINRA

business man holding his head with text asking questions about stock broker misconduct

John Brian Busacca III (CRD #2302780, Registered Principal, Orlando, Florida)

was fined $30,000 and suspended from association with any FINRA member in any principal capacity for six months. The SEC sustained the sanctions following appeal of a NAC decision. The U.S. Court of Appeals denied Busacca’s petition for review.

The sanctions were based on findings that Busacca failed to reasonably supervise the firm’s operations system conversion and its operations activities to detect and/or prevent certain violations, including, but not limited to, inaccurate box counts, erroneous records of customer securities, failure to timely validate or take exception to transfer instructions, failure to make timely buy-ins, failure to timely liquidate unpaid-for customer securities positions in cash accounts in violation of Regulation T of the Federal Reserve Board, violation of margin requirements as prescribed by NASD Rule2520(c), and failure to report data to FINRA.

The findings stated that Busacca failed to reasonably supervise the firm’s operations considering his extensive travel and focus on business development despite his knowledge of the firm’s significant operational problems, the lack of adequate personnel in place to address the firm’s problems, and Busacca’s failure to diligently and promptly address all of the firm’s operational issues.

The findings also stated that Busacca, acting on his member firm’s behalf as its president, employed an unregistered CCO.

The suspension is in effect from April 16, 2012, through October 15, 2012.

(FINRA Case #E072005017201)

This information was obtained from FINRA's website.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide.

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