SECURITIES BROKER FINED, REMOVED FROM PROFESSION; REGULATORS IMPOSE $35,000 FINE.Byline: Cecilia Chan Staff Writer A Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. broker was barred from the securities industry and fined $35,000 for misappropriating company funds for personal use, the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. Regulation Inc. reported. Kenneth Dean Gilkison was employed at American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Financial Inc.'s Westlake Village branch and made numerous cash withdrawals without authorization from his company's bank accounts, which were set up to pay for office supplies Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who works with the collection, refinement, and output of information (colloquially referred to as "paper work"). such as computers, furniture and clerical support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , according to NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). officials. Gilkison, who was employed at American Express from April 1990 to January 1997, used the funds for personal expenses and paid himself fees for office management, an NASD spokesman said. Gilkison also cashed a check he received from an attorney, who sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. part of the office space, instead of depositing the check into the company's accounts, NASD officials said in statements made public Aug. 15 on the organization's Web site. Gilkison failed to respond to the complaint on the matter and a default decision was entered against him, NASD officials said. Gilkison could not be reached for comment. A representative from American Express Financial did not return a phone call for comment. The decision entered against Gilkison became final May 31, said Nancy Condon, NASD spokeswoman. Gilkison, who had no previous disciplinary history, was confronted in 1996 when someone in his office became suspicious and complained to the company's district manager, NASD officials said. Gilkison resigned from the company, and NASD officials said they could not determine from records the exact amount of money he took and did not order restitution. However, American Express Financial reached a settlement with Gilkison in which $4,000 of his deferred compensation was used as payment of missing funds, regulatory documents show. NASD Regulation Inc. is the regulatory arm of the National Association of Securities Dealers in Washington. Condon said the action against Gilkison was one of 1,051 formal actions filed by the agency last year. |
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