Tuesday, December 3, 2019

(7) When things seem too good to be true, they usually are... Let’s say a man named John donates a conservation easement on his farm to a land trust. His | LinkedIn

(7) When things seem too good to be true, they usually are... Let’s say a man named John donates a conservation easement on his farm to a land trust. His | LinkedIn

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  1. FINRA
    Allegations
    Without admitting or denying the findings, Crabb consented to the sanctions and to the entry of findings that he willfully failed to amend or timely amend his Form U4 to disclose federal and state tax liens totaling nearly $1. 7 million. The findings stated that the Internal Revenue Service (IRS) filed seven tax liens against Crabb, and the State of Ohio filed four tax liens against Crabb. Crabb disclosed one federal lien approximately seven years after learning of the lien's existence, one federal lien and three state liens approximately two years after learning of the liens' existence, and two federal liens approximately one year after learning of the liens' existence. For three federal liens and one state lien, totaling more than $ 1.1 million, Crabb failed to make any disclosure at all. With respect to three of the liens that he untimely disclosed, Crabb represented on his Form U4 that the liens were satisfied when they were not. The findings also stated that Crabb falsely attested on his member firm's annual compliance questionnaires that he did not have any unsatisfied judgments or liens.
    Resolution
    Acceptance, Waiver & Consent(AWC)
    Sanctions
    Civil and Administrative Penalty(ies)/Fine(s)
    Amount
    $5,000.00

    Sanctions
    Suspension
    Registration Capacities Affected
    All Capacities
    Duration
    six months
    Start Date
    3/2/2020
    End Date
    9/1/2020

    Sanctions
    The settlement includes a finding that Crabb willfully failed to disclose a material fact on a Form U4, and that under section 3(a)(39)(f) of the Securities Exchange Act of 1934 and Article III, Section 4 of the FINRA By-Laws, this omission make him subject to a statutory disqualification with respect to association with a member.
    Regulator Statement
    Fines paid in full on September 23, 2020.

    Disciplinary Action Details

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