Actinver Securities Inc. (CRD #41139, Sugar Land, Texas) and Alvaro Madero (CRD #2155183, Registered Principal, Mexico City, Alabama) submitted a Letter of Acceptance, Waiver and Consent in which they were censured and fined $20,000, jointly and severally. Without admitting or denying the allegations, the firm and Madero consented to the described sanctions and to the entry of findings that Actinver Securities, acting through Madero, sold shares of a mutual fund to its customers in violation of the firm's membership agreement, which did not permit the firm to engage in mutual fund sales at the time. The findings also stated that Madero, acting on behalf of Actinver Securities, failed to designate one or more appropriately registered principals in its main office with the authority to carry out the firm's supervisory responsibilities as required by NASD Conduct Rule 3010(a)(4). (NASD Case #C10050017)

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