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FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS

DEPARTMENT OF ENFORCEMENT, Complainant,

Disciplinary Proceeding No. 2006006705601

PANEL DECISION

v.

JOHN M. E. SAAD (CRD No. 2185911),

Hearing Officer – SW

Dated: August 19, 2008

Respondent.

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.

Appearances

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.

DECISION

  • I.

    PROCEDURAL HISTORY

  • A.

    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

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