Ralph Matthew Shino (CRD # 1380293, Registered Principal, Scottsdale, Arizona) submitted an Offer of Settlement in which he was fined $25,000 and suspended from association with any FINRA member in any principal capacity for six months. The fine must be paid either immediately upon Shino’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the allegations, Shino consented to the described sanctions and to the entry of findings that he failed to supervise a registered principal in a manner reasonably designed to achieve compliance with applicable laws, regulations and rules pertaining to his investment banking and securities business. The findings stated that Shino knew, or should have known, that firm customers were engaging in improper market timely and late trading, and that a registered representative was facilitating the activity. The findings also stated that Shino failed to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable laws, rules and regulations with respect to the individual’s activity in customer accounts, his investment banking and securities business, his market-timing business or for the review of mutual fund order receipt, entry and execution to detect and prevent late trading. The findings also included that Shino failed to establish, maintain and enforce written supervisory procedures to supervise the types of business in which the firm and its representatives engaged.