David Nelson Cherry (CRD # 1521648, Registered Representative, Indianapolis, Indiana) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $37,500, which includes $32,495.76 in disgorgement of commissions, and suspended from association with any FINRA member in any capacity for seven months. The fine must be paid either immediately upon Cherry’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 findings, Cherry consented to the described sanctions and to the entry of findings that he participated in the sale of Universal Lease Programs (ULPs) to public customers, received $32,495.76 in commissions, and failed to provide written notice to his member firms and obtain written approval from the firms to participate in private securities transactions. The findings stated that Cherry submitted an annual regulatory questionnaire to one of his member firms that contained a statement that he had not sold or solicited any investment products or non-securities investment products, which was false. The suspension is in effect from December 7, 2009, through July 6, 2010. (FINRA Case # 2009016709003)

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