Michael Lon Vines (CRD # 2552188, Registered Principal, Charlotte, North Carolina) was fined $10,000 and suspended from association with any FINRA member in any principal capacity for one year after the NAC found that Vines approved the falsification of IRA adoption agreements, in violation of NASD Rule 2110. Although neither party appealed the OHO decision, the NAC called the matter for discretionary review to examine the sanctions imposed. The NAC’s review resulted in higher sanctions than those imposed by the Hearing Panel because the NAC concluded that Vines’ misconduct was reckless and his decision to leave the falsified forms in the customers’ files was tantamount to concealment. The suspension is in effect from October 19, 2009, through October 19, 2010. (FINRA Case # 2006005565401)

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