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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.

IV. CONCLUSION

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

Rule 2110.

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

immediately.9

HEARING PANEL.

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.

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