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Legacy Trading Expelled, Principal Barred, Both Fined $900K
FINRA NAC (National Adjudicatory Council) rejected an appeal of an OHO decision, and expelled OK-based Legacy Trading and barred one of its Principals. Together they were fined $900K plus interest. The firm, acting through the Principal, Uselton, made false statements to FINRA; Uselton also provided false information and failed to provide testimony at a FINRA on-the-record interview. Specifically:
- Reg. SHO Violations. Legacy, acting through Uselton, failed to make and annotate affirmative determinations prior to effecting short sales;
- Rule 15c2-11 Violations. Legacy and Uselton failed to maintain the required records necessary to rely upon the exemption in Exchange Act Rule 15c2-11(f)(2) - re: Initiation or Resumption of Quotations without Specified Information;
- Email Retention. Legacy and Uselton failed to maintain the firm’s email records for at least 3 years.
Among other things, Uselton also failed to timely update his Form U4 with material facts. This was FINRA Case #2005000879302. [FINRA Disc. Actions for January]
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