Gray was barred from association with any FINRA member in any capacity and ordered to pay $205,000, plus interest, in restitution to customers. The sanctions were based on findings that Gray borrowed $230,000 from firm customers contrary to her member firm’s written procedures forbidding registered representatives from borrowing funds from customers except in limited instances not applicable to Gray’s loans, and without her member firm’s written approval, which she did not request nor receive. The findings stated that Gray failed to respond to FINRA requests for information.

(FINRA Case #2008013179601)