Steven John Simone (CRD # 2413602, Registered Principal, East Elmhurst, New York) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,500, which included disgorgement of approximately $8,000 in commissions received, and suspended from association with any FINRA member in any capacity for 20 business days. Without admitting or denying the findings, Simone consented to the described sanctions and to the entry of findings that he exercised discretionary authority in a deceased customer’s account without the customer’s written discretionary authority and without his member firm’s written acceptance of the account as discretionary. The findings stated that the discretionary transactions generated approximately $8,000 in commissions and an approximate loss of $170 in the customer’s account; excluding fees and commissions, the account would have realized a gain of approximately $5,800. The suspension was in effect from November 16, 2009, through December 14, 2009. (FINRA Case # 2008015766201)

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