Bill Bailey 'won't be coming home' for at least 2 years because he allegedly improperly trading in customer accounts and committed other violations.  The Mesa-based broker agreed to settle FINRA charges that he conducted unsuitable and excessive trading of mutual funds and variable annuities, and engaged in unauthorized discretionary trading. William Bailey's Alleged Actions. According to FINRA Disciplinary Proceeding 2006007058102, Bailey registered as a General Securities Rep. (Series 7) in 1983 and as a General Securities Principal (Series 24) in 1991. and began working at NEXT Financial Group Inc. on 8/29/03 - remaining there until his termination on 12/18/08. FINRA found that, between throughout 2006 and 2007, Bailey recommended 484 short-term mutual fund ("MF") switch transactions in 7 customer accounts.  In each of the accounts, Bailey, on his customers' behalf, repeatedly sold MF's less than 1 year after purchasing them, and purchased new MF's with the proceeds.  On average, Bailey's customers held their mutual funds for only 60 days. It's unlikely the 7 customers had intended to engage in MF trading - they ranged in age from 66 to 93, and were all unsophisticated investors.  In total, they incurred over $147,000 in sales charges and trading fees.  Bailey earned commissions of over $120,000.  To facilitate his mutual fund trading scheme, Bailey frequently traded in his customers' accounts without first obtaining their permission and improperly completed customer account forms to make it appear the customers approved of the trading. FINRA also found that Bailey convinced 3 customers to switch their variable annuities ("VA's") for new ones after holding them for a short period of time.  These exchanges were unsuitable based on the customers financial objectives and needs, and did not improve the customers' financial situations. FINRA Staff Credits.   Investigation by Peter Schlossman, Kelsey Goodman, Daina Tums, Lane Thurgood;  Susan Light, Enforcement Chief Counsel, supervised .   [FINRA News Release 7/20/11] For further details, go to:  [FINRA Disc. Proceeding 2006007058102 (26pp), 7/19] ______________________________________ "(Won't You Come Home) Bill Bailey." Lyrics by Louis Armstrong.

Won't you come home, Bill Bailey, won't you come home I've moaned the whole night long I'll do the cookin', honey, I'll pay the rent I know I done you wrong You remember that rainy evenin' I threw you out....with nothin' but a fine tooth comb Ya, I know I'm to blame, now... ain't it a shame Bill Bailey, won't you please come home (instrumental break) Won't you come home, Bill Bailey, won't you come on home I've moaned that whole day long I'll do all the cookin' honey, I'll even pay the rent I know, that I have done you, oh so, wrong You remember that rainy evenin' I throwed you out, with nothin but a fine tooth comb I know I'm to blame, now... ain't it a shame So baby, won't you please come I said now, won't you please come Bill Bailey, won't you please.... come on home