Alan Frank Pacella (CRD # 1689031, Registered Representative, Boca Raton, Florida) submitted a Letter of Acceptance, Waiver and Consent in which he was censured and fined $10,000. Without admitting or denying the allegations, Pacella consented to the described sanctions and to the entry of findings that he participated in the sale of unregistered securities. The findings stated that Pacella, before entering sales orders, relied on his member firm’s compliance department to review whether the shares were freely tradable. The findings also stated that the compliance department conducted its tradability review in the ordinary course of business and incorrectly approved the securities for public resale, even though the shares were restricted. The findings also included that Pacella had or should have had the company’s Articles of Incorporation and press release, thereby allowing him to determine that the securities were not registered for public sale and not subject to an exemption. (FINRA Case # 2007009934702)

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