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June 2019Firm SanctionedVoya Financial Advisors, Inc. (CRD #2882, Des Moines, Iowa)April 23, 2019 – An AWC was issued in which the firm was censured and required toprovide remediation to eligible customers who qualified for, but did not receive, theapplicable mutual fund sales charge waivers. As part of this settlement, the firm agreesto pay restitution to eligible customers, which is estimated to total 125,982 (theamount eligible customers were overcharged, inclusive of interest). Without admittingor denying the findings, the firm consented to the sanctions and to the entry of findingsthat it disadvantaged certain retirement plan and charitable organization customersthat were eligible to purchase Class A shares in certain mutual funds without a front-endsales charge. The findings stated that these eligible customers were instead sold Class Ashares with a front-end sales charge or Class B or C shares with back-end sales chargesand higher ongoing fees and expenses. These sales disadvantaged eligible customers bycausing such customers to pay higher fees than they were actually required to pay. Thefindings also stated that the firm failed to reasonably supervise the application of salescharge waivers to eligible mutual fund sales. The firm relied on its financial advisors todetermine the applicability of sales charge waivers, but failed to maintain WSPs reasonablydesigned to assist financial advisors in making this determination. In addition, the firmfailed to adequately notify and train its financial advisors regarding the availability ofmutual fund sales-charge waivers for eligible customers. The firm failed to adopt adequatecontrols to detect instances in which they did not provide sales-charge waivers to eligiblecustomers in connection with their mutual fund purchases. As a result of the firm’s failureto apply available sales charge waivers, the firm estimates that eligible customers wereovercharged by 104,044 for mutual fund purchases made since January 1, 2009. (FINRACase #2016050231901)Individuals BarredBradley Allen Latting (CRD #4850825, Jenks, Oklahoma)April 1, 2019 – An AWC was issued in which Latting was barred from association withany FINRA member in all capacities. Without admitting or denying the findings, Lattingconsented to the sanction and to the entry of findings that he refused to appear for andprovide on-the-record testimony requested by FINRA in connection with its investigationinto allegations that he commingled and/or converted funds belonging to an elderly clientof his member firm’s affiliated banking and insurance entities, and failed to disclose hisservice as the client’s power-of-attorney. (FINRA Case #2018057319702)4Disciplinary and Other FINRA Actions

June 2019Adrian Torres Ortega (CRD #5591481, Surprise, Arizona)April 1, 2019 – An AWC was issued in which Ortega was barred from association withany FINRA member in all capacities. Without admitting or denying the findings, Ortegaconsented to the sanction and to the entry of findings that he failed to provide documentsand information requested by FINRA in connection with its investigation into allegations,reported by his member firm on his Uniform Termination Notice for Securities IndustryRegistration (Form U5), that he debited the funds of customers of his firm’s affiliate bankwithout their knowledge or permission. (FINRA Case #2018059936201)Kris Lynn Lewis (CRD #4505097, Park City, Kansas)April 2, 2019 – Lewis withdrew her appeal of an OHO decision to the NAC. Lewis wasbarred from association with any FINRA member in all capacities. The sanction wasbased on findings that Lewis willfully failed to timely amend her Uniform Applicationfor Securities Industry Registration or Transfer (Form U4) to disclose a reportable eventthat was material and subjected her automatically to statutory disqualification from thesecurities industry. The findings stated that Lewis knowingly provided false information toFINRA on a personal activity questionnaire by denying the reportable event and knowinglyprovided false information on her member firm’s compliance questionnaire. (FINRA Case#2015047154001)James Cornelius Bylenga (CRD #705143, Kalamazoo, Michigan)April 5, 2019 – An AWC was issued in which Bylenga was barred from association withany FINRA member in all capacities. Without admitting or denying the findings, Bylengaconsented to the sanction and to the entry of findings that he refused to producedocuments and information requested by FINRA during the course of an investigation thatcommenced after his former member firm amended his Form U5 reporting that it hadinitiated an internal review to determine if Bylenga received loans from his client(s) whileassociated with the firm. (FINRA Case #2018060282201)Jim Jinkook Seol (CRD #2876279, Lake Forest, California)April 8, 2019 – A NAC decision became final in which Seol was barred from associationwith any FINRA member in all capacities. The NAC affirmed the findings and the sanctionsimposed by the OHO. The sanction was based on the findings that Seol participated inprivate securities transactions and engaged in outside business activities without providingprior written notice to, or receiving written approval from, his member firm. The findingsstated that Seol formed a corporation through which he solicited investments totaling 100 million from foreign customers in a limited partnership that he also formed to serveas a qualifying investment facility. In addition, through the corporation, Seol entered into aconsulting agreement with an entity to assist it with the identification and solicitation ofqualified foreign nationals to develop and operate yogurt shops in the United States. Thefirm’s WSPs prohibited registered representatives from participating in private transactionsDisciplinary and Other FINRA Actions5

June 2019and required them to disclose any outside business activity and obtain written approvalfrom the firm before engaging in it. After the firm terminated Seol for violating companypolicy, he began receiving a salary from the corporation from the fees and expenses thatit received from various projects. Seol received more than 144,000 in salary from thecorporation, and the corporation had received at least 796,405 in management fees fromthe limited partnership. The findings also stated that Seol provided false statements on hisfirm’s annual compliance questionnaires in response to questions concerning his privatesecurities transactions and outside business activities. (FINRA Case #2014039839101)Michael Paul Lessard Jr. (CRD #5968857, Rock Hill, South Carolina)April 9, 2019 – An AWC was issued in which Lessard was barred from association withany FINRA member in all capacities. Without admitting or denying the findings, Lessardconsented to the sanction and to the entry of findings that he borrowed a total ofapproximately 82,750 from two customers without notifying or seeking the approvalof either of his member firms. The findings stated that Lessard borrowed 60,000 froma senior customer whom Lessard only completely repaid after the customer and heraccountant confronted him. In addition, Lessard borrowed 22,750 from another customerwhom he never repaid. (FINRA Case #2018058520801)Tyler James Woodward (CRD #6032935, Colorado Springs, Colorado)April 9, 2019 – An OHO decision became final in which Woodward was barred fromassociation with any FINRA member in all capacities. The sanction was based on findingsthat Woodward failed to provide documents and information, and to appear for andprovide on-the-record testimony requested by FINRA during the course of an investigationthat began after it received a customer complaint against Woodward alleging seriousviolations of FINRA rules, including conversion. The findings stated that the customeralleged to FINRA that Woodward had persuaded him to transfer more than 117,000 fromhis brokerage account at Woodward’s member firm to a brokerage account at anotherFINRA member firm, then to a bank account, and then finally to a company that Woodwardcreated. The customer asserted that Woodward also obtained electronic access to hisbrokerage account and controlled transactions in that account. The customer allegedthat he had made repeated demands to Woodward for the return of his money but thatWoodward failed to respond. (FINRA Case #2018058866401)Thomas H. Laws (CRD #4494448, Silver City, New Mexico)April 10, 2019 – An AWC was issued in which Laws was barred from association with anyFINRA member in all capacities. Without admitting or denying the findings, Laws consentedto the sanction and to the entry of findings that he refused to appear for and provideon-the-record testimony requested by FINRA during the course of an investigation intowhether he potentially violated FINRA rules by engaging in undisclosed outside businessactivities and/or private securities transactions while associated with a member firm.(FINRA Case #2019061095601)6Disciplinary and Other FINRA Actions

June 2019John William Cutshall (CRD #874352, Woodsboro, Maryland)April 11, 2019 – An Offer of Settlement was issued in which Cutshall was barred fromassociation with any FINRA member in all capacities. Without admitting or denying theallegations, Cutshall consented to the sanction and to the entry of findings that he abusedhis position as trustee for trusts that he administered on behalf of deceased and elderlycustomers by converting and improperly using funds from these trusts. The findings statedthat Cutshall served as trustee for the separate trusts of the customers, who were husbandand wife, until both customers died. Cutshall used his position as trustee to write checksfrom the account of the wife’s residuary trust totaling approximately 400,000 that hedeposited into his own bank account. Years later, Cutshall made public for the first time anunwitnessed handwritten note purportedly signed by the husband that named Cutshall asa beneficiary of 50 percent of the assets in his trust as the basis for his taking those funds.The wife and the owner of the residuary trust account did not sign the note, and the wifedid not execute any similar document naming Cutshall as beneficiary to her trust. Afterhaving already taken the approximately 400,000 from the wife’s residuary trust account,Cutshall then hired a law firm to give him an opinion about the validity of the handwrittennote. The law firm, among other things, advised Cutshall to return all of the money that hehad already taken. Cutshall only repaid 229,100 to the residuary trust account, keepingthe difference of 170,900. The law firm conducted an accounting to determine the fundsavailable for distribution to the beneficiaries of each trust, but Cutshall did not tell the lawfirm that he had not returned all of the money that he had already taken. The law firmdetermined that the distribution to Cutshall of 50 percent of the assets of the husband’strust was approximately 292,100. Including the funds he previously kept, Cutshall tookapproximately 463,000, significantly more than he was purportedly entitled to underthe handwritten note. As a result, Cutshall converted funds from the account of thewife’s residuary trust. The findings also stated that Cutshall thwarted his member firms’ability to supervise his trustee activities by failing to disclose that he had been named asa beneficiary to the trust for which he had been serving as trustee. Moreover, when eachfirm asked Cutshall to provide copies of the trust documents related to the account of thecustomer’s residuary trust in connection with his request to continue acting as trustee,he failed to provide a copy of the handwritten note that materially altered the terms ofthe customer’s trust and made him a beneficiary. Cutshall further actively thwarted hisfirm’s ability to supervise his activities as trustee by writing checks from the trust as beingpayable to his bank, rather than to himself, prior to depositing the checks into his personalaccount at that bank. The findings also included that Cutshall improperly used a check fromthe brokerage account of his firm customer, another trust for which he served as trustee,to engage in an automated clearinghouse transaction for 2,000 to gamble. Although hewas notified of the disbursement from the trust that day, Cutshall did not repay the trustuntil a firm compliance employee questioned him about the transaction more than a weeklater. FINRA found that Cutshall falsely claimed in a completed annual firm questionnairethat he was not named as beneficiary of any non-family member account. (FINRA Case#2014041590801)Disciplinary and Other FINRA Actions7

June 2019Renee Valerie Altamirano (CRD #5644156, Hot Springs, Arkansas)April 15, 2019 – An AWC was issued in which Altamirano was barred from association withany FINRA member in all capacities. Without admitting or denying the findings, Altamiranoconsented to the sanction and to the entry of findings that she refused to appear for onthe-record testimony requested by FINRA after it began an investigation into allegationsthat she engaged in an undisclosed outside business activity selling merchandise oneBay, some of which belonged to her supervisor and/or her member firm. (FINRA Case#2018058102601)Erin Lynn Verespy (CRD #2727866, Trumbull, Connecticut)April 15, 2019 – An AWC was issued in which Verespy was barred from association withany FINRA member in all capacities. Without admitting or denying the findings, Verespyconsented to the sanction and to the entry of findings that she refused to appear for onthe-record testimony requested by FINRA after her member firm amended her Form U4to reflect that she had been named as a defendant in an investment-related, consumerinitiated civil litigation in which it was alleged that she misused and misappropriatedthe claimants’ funds in her capacity as bookkeeper and financial advisor. (FINRA Case#2018058108001)James Bradley Schwartz (CRD #3043085, New York, New York)April 16, 2019 – An Offer of Settlement was issued in which Schwartz was barred fromassociation with any FINRA member in all capacities. Without admitting or denying theallegations, Schwartz consented to the sanction and to the entry of findings that hechurned customer accounts in willful violation of Section 10(b) of the Securities ExchangeAct of 1934 and Rule 10b-5 thereunder. The findings stated that Schwartz also excessivelytraded customer accounts. Schwartz’s churning and excessive trading was unsuitableand caused combined losses of more than 660,000 in these accounts. At the same time,Schwartz’s trading generated gross sales credits and commissions of approximately 277,705, of which he received more than 194,000. The findings also stated that Schwartzconducted fraudulent and deceptive trading by exercising de facto control over thecustomer accounts and engaging in unauthorized trading. Schwartz executed trades witha total principal value of approximately 10 million without his customers’ authorization,including unauthorized trades he executed in a customer’s account after the customer haddied. (FINRA Case #2016051704302)Nelson A. Freyre-Gallardo (CRD #5020871, San Juan, Puerto Rico)April 22, 2019 – An AWC was issued in which Freyre-Gallardo was barred from associationwith any FINRA member in all capacities. Without admitting or denying the findings, FreyreGallardo consented to the sanction and to the entry of findings that he refused to appearfor on-the-record testimony requested by FINRA after his former member firm filed a FormU5 disclosing that he was discharged for violating firm policy regarding use of its FederalExpress account for personal mail expenses. (FINRA Case #2017054565801)8Disciplinary and Other FINRA Actions

June 2019Timothy Tilton Ayre (CRD #2091556, Agawam, Massachusetts)April 23, 2019 – An Offer of Settlement was issued in which Ayre was barred fromassociation with any FINRA member in all capacities. Without admitting or denying theallegations, Ayre consented to the sanction and to the entry of findings that he willfullyviolated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b) thereunder,and FINRA Rules 2020 and 2010, by making a series of material misrepresentations andomissions in a company’s public filings. The findings stated that as president and majorityshareholder of the company, Ayre reviewed, signed and filed with over-the-counter(OTC) markets group numerous disclosure documents misrepresenting the company’sbusiness, a material agreement and the company’s assets in financial statements. Themisrepresentations significantly altered the total mix of information available to thecompany’s investors and denied investors the opportunity to make an informed decisionabout the true nature of the company and whether to invest in it. The findings also statedthat Ayre engaged in the unlawful offer and sale of unregistered securities in contraventionof Section 5 of the Securities Act of 1933. Ayre created a security when he purchased therights to a cryptocurrency and backed the cryptocurrency with shares of the company,was a necessary participant and a substantial factor in the unlawful distribution of thecryptocurrency because he was intimately involved in the creation and marketing of thesecurities, and he distributed mining software code that made the cryptocurrency availableto the public. Ayre also engaged in the unlawful offering and distribution of unregisteredsecurities by creating a website for the cryptocurrency, promoting the cryptocurrency on hiscompany’s website and issuing press releases touting the cryptocurrency as the world’s firstcurrency to represent equity ownership while the securities were available for purchaseon two cryptocurrency exchanges. At no point was a valid registration in effect concerningthe cryptocurrency and no exemption from registration applied to the distribution of thecryptocurrency. The findings also included that Ayre never disclosed to his member firmhis participation in private securities transactions involving more than five hundred millionshares of the company stock, the sales of convertible debt and his role in the creation, offerand sale of the cryptocurrency security. Ayre never provided written notice to, or soughtwritten authorization from, his firm to participate in of any of these transactions or his roletherein. (FINRA Case #2016049307801)Arnold Schonbrun (CRD #1027958, Cedarhurst, New York)April 24, 2019 – An AWC was issued in which Schonbrun was barred from association withany FINRA member in all capacities. Without admitting or denying the findings, Schonbrunconsented to the sanction and to the entry of findings that he refused to appear for onthe-record testimony requested by FINRA in connection with its investigation that beganafter receiving a Form U5 providing the reason for his termination from his member firmas not securities–related, indicating that he used company airline miles and received otherbenefits from travel providers without proper authorization. The findings stated thatalthough Schonbrun initially cooperated with FINRA’s investigation, he ceased to do so.(FINRA Case #2017054358301)Disciplinary and Other FINRA Actions9

June 2019Michael John Ahearn (CRD #2661001, New Hope, Pennsylvania)April 29, 2019 – An Offer of Settlement was issued in which Ahearn was barred fromassociation with any FINRA member in all capacities. Without admitting or denyingthe allegations, Ahearn consented to the sanction and to the entry of findings that heprovided false and misleading information to FINRA in a written response and providedfalse testimony to it during an on-the-record interview. The findings stated that FINRA wasinvestigating Ahearn and another registered representative regarding allegations that theother representative failed to disclose to his member firm that he was the trustee of anindividual’s assets and that he had been named as the executor of her estate. On multipleaccount-opening documents for the individual’s trust, Ahearn represented that therepresentative was not employed by a FINRA member or other financial services company.When FINRA sent Ahearn a request asking about these account-opening documents, hestated that the representative had told him he was unemployed and had never told himthat he was a representative at another broker-dealer. Ahearn repeated this story in thelater on-the-record interview when he testified, under oath, that the representative hadtold him he was unemployed and that he did not learn that th

sales charge. The findings stated that these eligible customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses. These sales disadvantaged eligible customers by causing such customers to pay higher fees than they were actually required to pay. The