Richard Francis Kresge (CRD # 729077, Registered Principal, Bay Shore, New York) was barred from association with any FINRA member in any capacity. The NAC imposed the sanction in response to an SEC decision remanding the case for re-determination of sanctions. The sanction was based on previously established findings that Kresge failed to establish or maintain a system of supervision reasonably designed to achieve compliance with applicable securities laws, and failed to register an individual, either as a principal or a representative, who was actively engaged in the management of the firm’s securities business as either a principal or representative of his memberfirm. The findings also included that Kresge failed to report customer complaints to FINRA.

The NAC considered Kresge’s violations as a whole and imposed the sanction of a bar in response to the totality of the misconduct. The NAC weighed each violation, in addition to Kresge’s “highly troubling” disciplinary history, and found a bar necessary “to protect investors.”