Choice Investments, Inc. (CRD® # 17665, Austin, Texas) and Donald Arthur Itzen (CRD # 853436, Registered Principal, Austin,Texas) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $20,000, $10,000 of which was jointly and severally with Itzen. Itzen was suspended from association with any FINRA member in any principal capacity for 20 business days. Without admitting or denying the findings, the firm and Itzen consented to the described sanctions and to the entry of findings that the firm, acting through Itzen, approved a research report for a company that was issued to the firm’s customers, but did not contain a disclosure that the firm had received compensation for investment banking services from the company. The findings stated that the firm, acting through Itzen, failed to ensure that the research reports contained such disclosure. The findings also stated that the firm issued subsequent research reports that did not contain such disclosure.

The suspension was in effect from March 16, 2009, through April 13, 2009.