Michael Alvin Callaway (CRD # 828720, Registered Representative, Ponte Vedra Beach, Florida) 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 three months. The fine must be paid either immediately upon Callaway’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, Callaway consented to the described sanctions and to the entry of findings that he allowed a subordinate client associate to complete firm training programs, including Firm Element training, for him by completing the modules and taking the applicable proficiency tests using his User ID and password. The findings stated that Callaway condoned allowing client associates to complete firm training, including Firm Element training, for members of his business unit.

The suspension is in effect from January 5, 2009, through April 4, 2009. (FINRA Case # 2006004155204)