Essex National Securities, Inc.

Essex National Securities, Inc. (CRD #25454, Napa, California) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $60,000. Without admitting or denying the allegations, the firm consented to the described sanctions and to the entry of findings that it failed to comply with the requirements of SEC Rule 15c3-3(k)(2)(i) in that it delivered customer checks for securities transactions that its registered representatives received to third-party insurance agencies for processing, and failed to create a "Reserve Bank Account." The findings stated that, in connection with variable annuity sales, the firm made payments, or allowed payments to be made by the nonmember third-party insurance agencies of transaction-based commissions, to the non-member third-party insurance agencies. The findings also stated that the firm failed to establish and maintain a supervisory system and written supervisory procedures reasonably designed to ensure the firm's compliance with SEC Rule 15c3-3 and NASD Conduct Rule 2420. (NASD Case #E012004002803)

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The Law Office of David Liebrader, Inc.


601 S. Rancho Drive, Ste.#D-29
Las Vegas, NV 89106
Phone: 702-380-3131
Fax: 702-380-3102
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