A California-based Registered Principal, who was and continues to be associated with Vanguard Capital, was fined and suspended for allegedly failing to disclose a material change in his outside business activities.  John Amador Blake-Zuniga aka John Anthony Blake first became registered in 1981 and had been associated with Vanguard Capital since 1999. Blake-Zuniga formed a company before becoming associated with Vanguard.  Upon joining the firm, he disclosed the company he formed as an outside business activity and described his role as a passive investor with no day-to-day employment or management responsibility. While still associated with Vanguard, Blake-Zuniga became a director and the CEO of the company, which was a material change in the nature of Blake-Zuniga’s affiliation with his company and, therefore, a new outside business activity of which he was required to provide the firm with prompt written notice. Unfortunately, he failed to provide prompt written notice, which violated NASD Conduct Rules 3030 and 2110 and FINRA Rule 2010.  This is particularly surprising given the fact that Blake-Zuniga was a Registered Principal at the time of his infractions. FINRA further notes that, in March 2011, the Arkansas Securities Commissioner issued a consent order concerning Blake-Zuniga's failure to update his outside business activity to reflect that his participation in Payday Loan Corp. ("Payday") had changed from a passive investor to that of a CEO.  Arkansas issued a cease-and-desist order was issued and fined him $3.5K. FINRA Sanctions. Blake-Zuniga received a $5K fine and a full 30-day suspension.  For further details, go to:   [FINRA AWC #2010024761201].   [Disciplinary Actions for October 2011]