FURTHER MTXX VINDICATION!! The Robins Group LLC (CRD #41894, Portland, Oregon) and Marcus Whitney Robins (CRD #870347, Registered Principal, Portland, Oregon) submitted a Letter of Acceptance,Waiver and Consent in which the firm was censured, fined $25,000, $5,000 of which was jointly and severally with Robins. Robins was suspended from association with any FINRA member in any capacity for 20 business days and fined an additional $31,458.59, which includes disgorgement of $16,458.59 in financial benefits received. Without admitting or denying the findings, the firm and Robins consented to the described sanctions and to the entry of findings that the firm permitted research analysts, including Robins, to execute sales of securities in research analyst accounts in a manner inconsistent with their recommendations, as reflected in the most recent research reports the firm published. The findings stated that the firm permitted research analysts, including Robins, to execute transactions of securities issued by companies that the research analysts followed in research analyst accounts 30 days before and five days after the publication of a research report concerning the companies. The findings also stated that the firm authorized stock transactions that NASD Rule 2711(g)(3) prohibited, purportedly based on an unanticipated change in the personal financial circumstances of the beneficial owner of the research analyst account, and failed to maintain written records regarding the transactions and the justification for permitting themfor three years after the dates when the transactions were approved. The findings also included that the firm, acting through Robin, published research reports another analyst had written regarding a company, but the report did not disclose that the company had compensated the analyst within the past 12 months. FINRA found that the firm published research reports regarding a company and failed to disclose that the company had compensated a business entity affiliated with the firm within the past 12 months. FINRA also found that Robins published magazine articles, which a research analyst considered to be public appearances, and failed to disclose to the publisher that he or a member of his household had a financial interest in the securities of the companies, and the firm failed to maintain records of the articles sufficient to demonstrate Robins’ compliance with the applicable disclosure requirements of NASD Rule 2711(h) for three years after the articles were published. In addition, FINRA determined that the firm failed to adopt or implement written supervisory procedures reasonably designed to ensure that it and its employees comply with NASD Rule 2711.Moreover, FINRA found that the firm published on its Web site an inaccurate list of its registered persons, including its research analysts, and the companies covered by their research, because some of the persons had terminated their association with the firm. The suspension in any capacity was in effect from March 17, 2008, through April 14, 2008. (FINRA Case #2005001863901) 2
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