Joanne Cramer entered the securities industry in 1993, and from June 1995 through September 2009, she was associated with Polar Investment Counsel, Inc., as a FinOp, general securities representative, general securities principal and municipal securities principal. Despite ending her association with Polar on 9/17/09, Ms. Cramer conducted financial transactions on behalf of Polar and its parent company, Kodiak Group, Inc. in September and October 2009.  She did so without proper authority, and misrepresented her authority to act on behalf of those businesses in communications with third parties. Circumstances Behind Termination. On 9/16/09, Polar, Kodiak, and Kodiak's defined-benefit plan terminated Cramer as an employee and officer of each of the 3 entities.  She received verbal and written notification of her termination at 9 a.m. on 9/17/09.  The written termination notice states that her authority to withdraw or transfer funds on behalf of any of the three entities was immediately revoked.  It also specifically instructed her to forward "any and all monies . . . that you have in your possession which have not been deposited - i.e., checks laying [sic] around your office" to the home office immediately. Cramer first responded to her termination notice at 11:06 a.m. by faxing a copy of the termination notice bearing a "not approved" stamp to Polar's home office in Thief River Falls, Wisconsin.  At 5:50 p.m. that day, Cramer sent Polar's president an email stating that she would not comply with the termination notice. Unauthorized Transactions. After receiving her termination notice on 9/17, Cramer sent a fax on firm letterhead instructing Polar's Bank to transfer $3,075 from Polar's account to Kodiak's operating account - which the bank processed.  The fax was sent at 11:37 a.m. and she signed it as "Pres[ident]" of Polar and Kodiak.  Cramer never held the office of President of either Polar or Kodiak.  The instructions were necessary to cover a $4,000 check dated 9/17, payable to Cramer from Kodiak's operating account.  Cramer wrote this check and presented it for payment on September 17, 2009. At the time of her termination, Cramer was in possession of another check payable to her - this one for $65,679.88 and written against the account of Kodiak's defined-benefit plan.  This check was dated 9/15 but Cramer had not presented it for payment until 9/19. On 10/26, Cramer sent an e-mail to a representative of Polar's clearing firm requesting that an "inactivity fee" be reversed.  Cramer closed the e-mail "Joanne Cramer, Polar/Kodiak Group," and made no reference to the feet that she no longer had a position with either Polar or Kodiak Group. Alleged Violations and FINRA Sanctions. By her actions, Joanne Cramer violated FINRA Rule 2010, and was fined $5,000, suspended one month in any capacity, and suspended 6 months in a FinOp capacity.  whichever is earlier. For further details, go to:   [FINRA AWC #2009020729101].  [Disciplinary Actions for November 2011]