FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS
DEPARTMENT OF ENFORCEMENT, Complainant,
Disciplinary Proceeding No. 2006006705601
JOHN M. E. SAAD (CRD No. 2185911),
Hearing Officer – SW
Dated: August 19, 2008
Respondent is barred in all capacities from associating with any FINRA member for converting the funds of his employer, in violation of NASD Conduct Rule 2110.
Gene E. Carasick, Esq., Senior Regional Counsel, and William Brice La Hue,
Esq., Regional Counsel, Atlanta, GA, for the Department of Enforcement.
Gregory Bartko, Esq., Atlanta, GA, for Respondent John M. E. Saad.
Complaint and Answer
This one-count Complaint alleges that Respondent John M. E. Saad
(“Respondent”), while registered with Hornor, Townsend & Kent (“HTK” or the
“Firm”), violated NASD Conduct Rule 2110 by converting the funds of the Firm’s
insurance affiliate, Penn Mutual Life Insurance Co. (“Penn Mutual”). Respondent
converted the funds by submitting a false expense report and false receipts to Penn