Sharemaster v. USSEC

Filing

FILED OPINION (CONSUELO M. CALLAHAN, N. RANDY SMITH and JED S. RAKOFF) Sharemaster s pro se petition for review is GRANTED. Each side shall bear its own costs of this appeal. Judge: CMC Authoring, Judge: NRS Concurring & dissenting. FILED AND ENTERED JUDGMENT. [10299305]

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Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 1 of 11 About FINRA Newsroom Tools Contact Firm Gateway Search Industry Home Table of Contents Rules & Guidance Oversight View Updates FINRA Manual: Contents FINRA Manual Corporate Organization FINRA Rules 0100. GENERAL STANDARDS 1000. MEMBER APPLICATION AND ASSOCIATED PERSON REGISTRATION 2000. DUTIES AND CONFLICTS 3000. SUPERVISION AND RESPONSIBILITIES RELATING TO ASSOCIATED PERSONS 4000. FINANCIAL AND OPERATIONAL RULES 5000. SECURITIES OFFERING AND TRADING STANDARDS AND PRACTICES 6000. QUOTATION AND TRANSACTION REPORTING FACILITIES 7000. CLEARING, TRANSACTION AND ORDER DATA REQUIREMENTS, AND FACILITY CHARGES 8000. INVESTIGATIONS AND SANCTIONS 8100. GENERAL PROVISIONS 8200. INVESTIGATIONS 8300. SANCTIONS 8310. Sanctions for Violation of the Rules 8311. Effect of a Suspension, Revocation, Cancellation, Bar or Other Disqualification 8312. FINRA BrokerCheck Disclosure 8313. 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Sanctions for Violation of the Rules Notices (8 links) View whole section (a) Imposition of Sanction After compliance with the Rule 9000 Series, FINRA may impose one or more of the following sanctions on a member or person associated with a member for each violation of the federal securities laws, rules or regulations thereunder, the rules of the Municipal Securities Rulemaking Board, or FINRA rules, or may impose one or more of the following sanctions on a member or person associated with a member for any neglect or refusal to comply with an order, direction, or decision issued under the FINRA rules: (1) censure a member or person associated with a member; 17 SEC er v. ry 31, 20 t a mas an revoke or cancel the registration of a person associated with a member; (4) expel a member, cancel the are membership of a member, oru J Sh n with a member from association with all members; in do (5) suspended a member or person associated Citaor bar arpermanente and desist order against a member or a person associated with a member; or chiv cease (6) impose temporary or 199 3-73 (7) impose any other fitting sanction. 1 No.Assent to Sanction (b) (2) impose a fine upon a member or person associated with a member; (3) suspend the membership of a member or suspend the registration of a person associated with a member for a definite period or a period contingent on the performance of a particular act; Each party to a proceeding resulting in a sanction shall be deemed to have assented to the imposition of the sanction unless such party files a written application for appeal, review, or relief pursuant to the Rule 9000 Series. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-NASD-98-80 eff. June 23, 2003. Amended by SR-NASD-97-81 eff. Jan. 16, 1998. Amended by SR-NASD-97-28 eff. Aug. 7, 1997. Amended by SR-NASD-95-39 eff. Oct. 10, 1996. Amended eff. Sept. 1, 1969; July 9, 1984; May 27, 1988; Aug. 16, 1988; Nov. 1, 1991; Apr. 15, 1992. Selected Notice: 87-22, 88-75, 91-19, 91-52, 92-31, 96-28, 03-35, 08-57. Previous Next Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 2 of 11 ARBITRATION PROCEDURE FOR INDUSTRY DISPUTES 14000. CODE OF MEDIATION PROCEDURE Capital Acquisition Broker Rules Funding Portal Rules NASD Rules Immediately Effective Rule Changes Pending SEC Notification Recently Approved Rule Changes Pending Determination of Effective Date Incorporated NYSE Rules Incorporated NYSE Rule Interpretations Retired Rules Notices Immediately Effective Rule Changes Pending Issuance of a Regulatory Notice Archive INDUSTRY PROFESSIONALS INVESTORS ABOUT FINRA Oversight Prepare to Invest Leadership Rules & Guidance Products & Professionals Locations Registration & Qualification Protect Your Money Careers Regulatory Filing & Reporting Have a Problem? Contact Education & Training Industry Issues Arbitration & Mediation Overview Initiate an Arbitration or Mediation Information for Arbitrators Information for Mediators Securities Helpline for Seniors™ 844-574-3577 (Monday to Friday 9-5 ET) Investor Complaint Center File a complaint about fraud or unfair practices. Whistleblower Tip-Line C 866-96-FINRA or whistleblower@finra.org 17 NEWSROOM . SE Tools & Calculators er v ry 31, 20 ast News Office of the Ombudsman I Want To... arem Releasesnua Sh n Ja Report a concern about FINRA. do d in hiveSpeeches & Investor Alerts ite C arc Testimony 199 File a Regulatory Tip 73 SaveAndInvest.org To report on abuse or fraud in the industry. . 13Statistics & Data No FINRA Foundation In the Media Social Media ©2017 FINRA. All rights reserved. FINRA is a registered trademark of the Financial Industry Regulatory Authority, Inc. Contact FINRA (301) 590-6500 Sitemap Privacy Legal Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 3 of 11 Search Home Arbitration and Mediation Locations & Contacts Dispute Resolution Regional Offices and Hearing Locations Southeast Regional Office Guide FINRA Dispute Resolution 5200 Town Center Circle Tower 1, 2nd Floor Boca Raton, Florida 33486 (561) 416-0277 Fax: (301) 527-4868 Email FINRA Dispute Resolution Office Information 17 SEC er v. ry 31, 20 Conference and Hearing Rooms ast arem n Janua Sh The Florida Office of Dispute Resolution has 4 conference rooms available with the following capacity: ed in chived o Cit ar 199 -73 o. 13 Hearing Rooms Maximum Capacity N 1 12 2 14 3 20 4 20 1R Mediation Room 8 Please check in advance for availability if you will need special equipment like: videoconferencing, speakerphone, telephone extension, dry ink board, easel, TV, VCR, or overhead projector. Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 4 of 11 Courier/Overnight Services: Drop box located in building lobby or Call for pick-up: Federal Express: (800) 463-3339 UPS: (800) 742-5877 or Courier Express, Boca Raton: (561) 483-5894 Duplication of Audio Files: If the hearing was recorded using a digital recorder, parties may request an audio recording of the hearings on CD at no charge. If the hearing was recorded on cassette tapes, FINRA uses the services of G&L Transcription, Inc.— (561) 998-1981—for duplication of tapes. G&L Transcription, Inc., which charges a duplication fee of $15.00 per tape, will contact you directly in order to make arrangements for payment and delivery of tapes. To order duplication of your audio record, please fax your request in writing to the FINRA Dispute Resolution case administrator handling your case at (301) 527-4868. Emergency Procedures: In the event of an emergency, please contact a staff member immediately. The staff is familiar with emergency procedures and are ready to assist you. If an emergency occurs after hours and there is no staff available, please contact building security at (561) 251-1107. To reach a 911 emergency operator, please use any phone and dial 911. Please note there is no prefix number used to reach an outside line; just dial 911. 17 SEC er v. mayy 31, 20 free of charge. All incoming Faxing: The general office fax number is (301) 527-4868. As a courtesy,tvisitors receive faxes as nuar arem n Jaassigned to the hearing. If you are expecting a fax, faxes must be clearly marked with the visitor’s name and Shconference room the in ed o please notify the receptionist. You may retrieveited in the reception area. In order to avoid interruptions to the arbitration or faxes C rchivThe cost for sending a fax from our office is $.50 per page. 9a mediation, we will not deliver the faxes to the conference rooms. 7319 13No. Off-Site Copying Service: Printco is located at 1307 West Palmetto Park Road, Boca Raton, FL 33486, (561) 395-0072. Office Hours: The Florida Dispute Resolution Office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday. After 6:00 p.m., access to the floor will be restricted to those individuals who have security cards. If you will need access to the suite after 6:00 p.m., please contact any of our staff members in advance to arrange for after-hours access. On-Site Copy Machine: Located to the right of the reception area. Reception Area: All parties are to remain in the reception area until the commencement of the hearing. All witnesses are to remain in the reception area until a panel member advises otherwise. (Do not knock on the hearing door, you will be called in.) Storage of Materials: Arrangements must be made with the FINRA Dispute Resolution case administrator to leave any materials overnight in the conference room; however, there are no locks on the conference room doors so FINRA Dispute Resolution assumes no responsibility for loss and or theft of exhibits left overnight. Due to space constraints, please do not ship documents/exhibits to FINRA Dispute Resolution in advance of a hearing. Parties must make arrangements for pick-up or shipment of materials following conclusion of a hearing or dates of hearing. FINRA Dispute Resolution staff will not be responsible for arranging shipment or transfer of documents to another location. Telephone Usage: Telephones are available for local phone calls in the telephone rooms located to the right of the reception area. To access an outside line dial "9" and the area code and phone number. Long distance calls need to be placed with a calling card through the receptionist. Transcription Service: To order transcripts from your hearing tapes, please fax your request in writing to the FINRA Dispute Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 5 of 11 Resolution case administrator handling your case at (301) 527-4868. G&L Transcription Inc. (561) 998-1981 – is our off-site contact for hearing transcripts ($4.50 per page). G&L Transcription, Inc will contact you directly in order to make arrangements for payment and delivery of transcripts. Wireless Internet Access: The Southeast Regional Office offers wireless Internet access to visitors. There is no cost to connect to the FINRA Guest Wireless Local Area Network. To use this service, visitors will need a laptop or mobile device that has Wireless Local Area Network capabilities. Also, a Web browser must be installed on the device. Visitors will be required to accept the FINRA Guest Wireless Local Area Network Terms and Conditions. Please be aware that the FINRA service provides unencrypted access to the public Internet. Accordingly, you may wish to use your company’s VPN or encryption software for sensitive traffic and/or remote connectivity to your enterprise network. To obtain access to the FINRA Guest Wireless Local Area Network, please speak with the regional office’s receptionist, who will process your request for access and provide you with the necessary credentials to connect to the network, including a user ID and password. Witness Waiting Area: A witness waiting area is provided. Hotels (within walking distance of the Florida FINRA Dispute Resolution Regional Office or close by): Walking Distance: Marriott Hotel – (561) 392-4600 Short Driving Distance: Marriott Courtyard Hotel – (561) 241-7070 Renaissance – (561) 368-5252 17 SEC er v. ry 31, 20 ast arem Regional ua an Food (within walking distance of the Florida FINRA Disputeh in S Resolutionon J Office): d Cited archive Brio's Tuscan Grill 199 3-73 1 No. McDonald's Wyndham Hotel Boca Raton – (561) 368-5200 Morton's Steakhouse Panera Bread Rocco's Taco Joseph's Market Sushi Ray Uncle Tai's INDUSTRY PROFESSIONALS ABOUT FINRA Oversight Rules & Guidance Leadership Locations Securities Helpline for Seniors® 844-574-3577 (Monday to Friday 9-5 ET) Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 6 of 11 Careers Contact Registration & Qualification Regulatory Filing & Reporting Education & Training Industry Issues NEWSROOM ARBITRATION & MEDIATION Overview Initiate an Arbitration or Mediation Information for Arbitrators Information for Mediators News Releases Speeches & Testimony Statistics & Data In the Media Social Media File a complaint about fraud or unfair practices. Whistleblower Tip-Line 866-96-FINRA or whistleblower@finra.org Office of the Ombudsman INVESTORS Prepare to Invest Products & Professionals Protect Your Money Have a Problem? Tools & Calculators I Want To... Investor Alerts SaveAndInvest.org FINRA Foundation Investor Complaint Center Report a concern about FINRA. File a Regulatory Tip To report on abuse or fraud in the industry. Contact FINRA (301) 590-6500 17 SEC er v. ry 31, 20 ast arem n Janua Sh ed in chived o Cit Sitemap Privacy Legal ar 199 -73 o. 13 N ©2017 FINRA. All rights reserved. FINRA is a registered trademark of the Financial Industry Regulatory Authority, Inc. Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 7 of 11 MENU SEARCH Federal Court Reporting Program Federal court reporters record proceedings and produce transcripts of court proceedings. The Court Reporter Statute, 28 U.S.C. § 753 sets forth the proceedings to be recorded including: 1. all proceedings in criminal cases had in open court; 2. all proceedings in other cases had in open court unless the parties with the approval of the judge shall agree specifically to the contrary; and 3. such other proceedings as a judge of the court may direct or.as EC be required by rule or order of 17 S may er v ry 31, 20 st court as may be requested by any party to the proceeding. ua ema ar an in Sh ved on J Cited archi By law, each session of court and every proceeding designated by rule or order of the court or by one of 199 3-73 shorthand, stenotype, stenomask, or electronic sound recording the judges shall be recorded verbatim by 1 No. equipment. The method of recording may be elected by the district judge. Transcripts One of the primary responsibilities of the court reporter is to provide a written transcript of court proceedings upon the request of a party or order of court. Written transcripts are prepared within the Judicial Conference’s guidelines on page format, page rates, and delivery schedules. The transcripts of proceedings recorded by electronic sound recording equipment are produced by private transcription services designated by the court to transcribe federal court proceedings. The court reporters and transcribers may charge and collect fees for transcripts requested by the parties, including the United States. The fee schedule should be posted prominently in the district court clerk’s office or available on a court’s web site. When a transcript is ordered, the first party to order it pays the original transcript rate, and subsequent requesters pay a copy rate (see Maximum Transcript Rates). When a court reporter or transcriber delivers the original transcript to the ordering party, the court reporter or transcriber is also required to file a certified electronic copy to the clerk of court. Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 8 of 11 The Judicial Conference has made it explicit that official court reporters may charge only copy fees for transcripts provided to parties when the original transcript was produced at the request of a judge. The Judicial Conference approved a policy regarding the availability of transcripts of court proceedings filed with the clerk of court in electronic format. A transcript provided to a court by a court reporter or transcriber will be available at the office of the clerk of court for inspection only, for a period of 90 days (unless extended by the court) after it is delivered to the clerk. During the 90-day period: a copy of the transcript may be obtained from the court reporter or transcriber at the rate established by the Judicial Conference; the transcript will be available within the court for internal use; and an attorney who obtains the transcript from the court reporter or transcriber may obtain remote electronic access to the transcript through the court’s Case Management/ Electronic Case Files (CM/ECF) system for purposes of creating hyperlinks to the transcript in court filings and for other purposes. During the 90-day period (which may be extended by the court), access to the transcript in CM/ECF is restricted to court staff, public terminal users, attorneys of record or parties who have purchased the transcript from the court reporter/transcriber, and other persons as directed by the court (e.g., appellate SEC attorneys). Also, during this time, parties may redact personalridentifiers. After01790-day period has e v. ry 31, 2 the st copying ended, the filed transcript will be available for inspectiona arem andJanua in the clerk’s office and for download Sh on from the court’s CM/ECF system through the judiciary’s PACER system. ed in ived it Contract h C 9 arc 7319 . 13o CourtNReporter Services Under the Court Reporter Statute, the district courts may contract for court reporting services when necessary. Contract court reporters should be administered an oath for recording court proceedings. Maximum Transcript Rates* TRANSCRIPTS ORIGINAL FIRST COPY TO EACH PARTY EACH ADDITIONAL COPY TO THE SAME PARTY Ordinary Transcript (30 day) A transcript to be delivered within thirty (30) calendar days after receipt of an order. $3.65 $.90 $.60 Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 9 of 11 14-Day Transcript $4.25 $.90 $.60 A transcript to be delivered within fourteen (14) calendar days after receipt of an order. Expedited Transcript (7 day) A transcript to be delivered within seven (7) calendar days after receipt of an order. $4.85 $.90 $.60 Daily Transcript A transcript to be delivered following adjournment and prior to the normal opening hour of the court on the following morning whether or not it actually is a court day. $6.05 $1.20 $.90 Hourly Transcript A transcript of proceedings ordered under unusual circumstances to be delivered within two (2) hours. $7.25 $1.20 $.90 Realtime Transcript One feed, 1$3.05 per 7 EC A draft unedited transcript produced by a certified page; er v. S feeds, 01 two-to-four 1, 2 ast page;y 3 realtime reporter as a byproduct of realtime to hare$2.10 per nuar five or be m S n Ja delivered electronically during proceedings or hived o feeds, $1.50 per more ed in c Cit ar immediately following adjournment. 3199 page. -7 o. 13 N *Each court may adopt a schedule of transcript fee rates subject to the maximum rates established by the Judicial Conference. 1 A realtime "feed" is the electronic data flow from the court reporter to the computer of each person or party ordering and receiving the realtime transcription in the courtroom. Share This Page National Court Reporter Associations National Court Reporters Association National Verbatim Reporters Association Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 10 of 11 United States Court Reporters Association Video 17 SEC er v. ry 31, 20 ast arem n Janua Sh ed in chived o Cit ar 199 -73 o. 13 N Learn about how a court reporter supports the judiciary. Related Content Court Reporting Guidance This guidance addresses the use of court reporting and electronic sound recording methods in keeping the record in the federal courts. Case: 13-73199, 02/02/2017, ID: 10299305, DktEntry: 46-2, Page 11 of 11 MENU RSS PRIVACY & SECURITY POLICY GLOSSARY OF LEGAL TERMS OPERATING STATUS DOWNLOAD PLUG-INS EMAIL UPDATES CONTACT US FAQS 17 SEC er v. ry 31, 20 ast arem n Janua Sh ed in chived o Cit ar 199 -73 o. 13 N This site is maintained by the Administrative Office of the U.S. Courts on behalf of the Federal Judiciary. The purpose of this site is to provide information from and about the Judicial Branch of the U.S. Government.

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