The Hearing Panel recognized that Respondent was under a great deal of pressure
to produce and was under additional pressure due to the illness of his one-year old son.
However, at the time that Respondent engaged in this misconduct, he was a registered
principal, as well as a registered representative and must have known that he was
engaging in misconduct. The Hearing Panel finds that Respondent deliberately decided
to deceive his employer in two separate reimbursement transactions, once with the false
travel expenses and again with the cell phone.
Respondent John M. E. Saad is barred from associating with any FINRA member
in any capacity for conversion of Penn Mutual’s funds, in violation of NASD Conduct
Respondent is also assessed Hearing costs in the total amount of $2,080,
consisting of a $750 administrative fee and a $1,330 transcript fee. If this Hearing Panel
Decision becomes FINRA’s final disciplinary action, the bar shall become effective
By:______________________ Sharon Witherspoon Hearing Officer
Dated: Washington, DC August 19, 2008
9 The Hearing Panel has considered all of the arguments of the Parties. They are rejected or sustained to the extent that they are inconsistent or in accord with the views expressed herein.