John Barry Chambers (CRD #2136192, Registered Representative, Dallas, Texas) submitted an Offer of Settlement in which he was barred from association with any NASD member in any capacity and ordered to pay public customers $73,750 in restitution. Without admitting or denying the allegations, Chambers consented to the described sanctions and to the entry of findings that he, directly or indirectly, by the use of means or instrumentalities of interstate commerce or the mails, employed artifices, devices or schemes to defraud; made untrue statements of material facts or omitted to state material facts necessary in order to make the statements, in light of the circumstances under which they were made, not misleading; engaged in acts, practices or courses of business that operated or would operate as a fraud or deceit, and/or effected transactions in, or induced the purchase or sale of, securities by means of manipulative, deceptive or other fraudulent devices or contrivances. NASD found that Chambers induced public customers to submit $180,600 for investing purposes to his company or its agent and, without their knowledge, authorization or consent, he misused and/or converted the customers' funds for his own use and benefit. The findings also stated that Chambers recommended securities transactions to public customers without reasonable grounds to believe the investments were suitable for them in light of their financial situations, investment objectives, needs and the risks associated with the investments. NASD also found that Chambers engaged in private securities transactions and outside business activities without providing his member firm with prior written notice. In addition, NASD determined that Chambers willfully failed to amend and to timely submit an amendment to his Form U4 to disclose material information. (NASD Case #CLI20040031/ELI2002045104)

According to Mr. Chambers' attorney, Mr. Chambers made full restitution to his clients in a timely fashion.

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