Hold Brothers On-Line Investment Services, LLC

Hold Brothers On-Line Investment Services, LLC (CRD #36816, Jersey City, New Jersey) submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured, fined $100,000, and required to retain an independent consultant and to implement new supervisory and compliance procedures and systems in connection with registration and continuing education requirements within 45 days. Without admitting or denying the allegations, the firm consented to the described sanctions and to the entry of findings that it permitted individuals to act as general securities representatives and/or equity traders while failing to have them registered and/or qualified in such capacities. NASD found that the firm permitted individuals to maintain their securities licenses although they were not actively involved in the firm's investment banking or securities business, and permitted individuals to perform duties as registered persons while their registrations with NASD were inactive due to their failure to complete the Regulatory Element of NASD's Continuing Education Rule in a timely manner. The findings also stated that the firm's supervisory system and written procedures were not reasonably designed to achieve compliance with respect to applicable securities laws and regulations concerning registration requirements and the Regulatory Element of NASD's Continuing Education Rule. In addition, NASD determined that the firm failed to conduct an annual internal inspection of the activities of its Chicago OSJ and failed to conduct an annual compliance meeting. (NASD Case #C9B050031)

NASD issued this complaint. Issuance of a disciplinary complaint represents the initiation of a formal proceeding by NASD in which findings as to the allegations in the complaint have not been made, and does not represent a decision as to any of the allegations contained in the complaint. Because these complaints are unadjudicated, you may wish to contact the respondents before drawing any conclusions regarding the allegations in the complaint.

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Contact Information

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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