Michael Winter (CRD # 470232, Registered Principal, Brookline, Massachusetts) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. Without admitting or denying the findings, Winter consented to the described sanctions and to the entry of findings that he exercised discretion in customers’ accounts without obtaining the customers’ written authorization or his member firm’s written acceptance of the accounts as discretionary. The suspension was in effect from November 16, 2009, through November 30, 2009. (FINRA Case # 2008014013901)