Morales submitted an Offer of Settlement in which he was fined $12,500 and suspended from association with any FINRA member in any capacity for two years. The fine must be paid either immediately uponMorales’ reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier.Without admitting or denying the allegations,Morales consented to the described sanctions and to the entry of findings that he participated in business activity outside the scope of his relationship with his member firm, and failed to provide prompt written notice to his firm. The findings also stated that Morales failed to completely respond to FINRA requests for information and documents.

The suspension is in effect from December 21, 2009, through December 20, 2011.

(FINRA Case #2007011089301)