JOHN BRIAN BUSACCA at SCOTTSDALE CAPITAL ADVISORS CORP – View Complaints, Disclosures, Scams and Audit Report (Updated 2023)

Disclosure #1 for JOHN BUSACCA

• • eventDate: 8/13/2007
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA: E072005017201
  • DocketNumberAAO: 072005017201
  • Initiated By: FINRA
  • Allegations: NASD RULES 1022(A), 2110, 3010: FROM ABOUT APRIL 2003 THROUGH ABOUT FEBRUARY 2005, BUSACCA, ACTING ON BEHALF OF HIS MEMBER FIRM, FAILED TO REASONABLY SUPERVISE THE FIRM’S OPERATIONS SYSTEM CONVERSION AND ITS OPERATIONS ACTIVITIES TO DETECT AND/OR PREVENT CERTAIN VIOLATIONS, INCLUDING, BUT NOT LIMITED TO, INACCURATE BOX COUNTS, MAINTAINING ACCURATE SECURITIES POSITION RECORDS, INITIATING BUY-IN PROCEDURES, LIQUIDATING IN A TIMELY MANNER UNPAID-FOR CUSTOMER SECURITIES POSITIONS IN CASH ACCOUNTS IN VIOLATION OF REGULATION T AND MAINTAINING MARGIN REQUIREMENTS AS PRESCRIBED BY NASD RULE 2520, MAINTENANCE OF ELECTRONIC CORRESPONDENCE, AND COMPLYING WITH THE ACCOUNT VALIDATION AND TRANSFER REQUIREMENTS. FROM ABOUT JULY 8, 2004, UNTIL ABOUT FEBRUARY 20, 2005, BUSACCA, ACTING ON BEHALF OF HIS MEMBER FIRM, EMPLOYED AND DESIGNATED ON SCHEDULE A OF FORM BD A CHIEF COMPLIANCE OFFICER, WHO WAS NOT REGISTERED WITH THE FIRM IN ANY CAPACITY, AS A GENERAL SECURITIES PRINCIPAL.
  • Resolution: Decision
  • SanctionDetails :: Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
  • SanctionDetails :: Amount: $30,000.00 Sanctions: Monetary Penalty other than Fines
  • SanctionDetails :: Amount: $2,078.60 Sanctions: Suspension
  • SanctionDetails :: Registration Capacities Affected: ANY PRINCIPAL CAPACITY
  • Duration: SIX MONTHS
  • Start Date: 4/16/2012
  • End Date: 10/15/2012
  • Regulator Statement: HEARING PANEL DECISION RENDERED JANUARY 16, 2009 WHEREIN BUSACCA IS SUSPENDED IN ALL PRINCIPAL CAPACITIES FOR SIX MONTHS AND FINED $25,000 FOR FAILING TO EXERCISE REASONABLE SUPERVISION AND FINED $5,000 FOR PERMITTING HIS FIRM TO EMPLOY AN UNREGISTERED CHIEF COMPLIANCE OFFICER. BUSACCA IS ORDERED TO PAY $2,078.60 IN COSTS. APPEALED TO THE NAC ON FEBRUARY 11, 2009. NAC DECISION RENDERED DECEMBER 16, 2009, WHEREIN THE FINDINGS MADE ARE AFFIRMED AND THE SANCTIONS IMPOSED BY THE HEARING PANEL ARE HELD THEREFORE, RESPONDENT IS FINED $25,000 FOR HIS SUPERVISORY VIOLATION, FINED $5,000 FOR HIS REGISTRATION VIOLATION, ORDERED TO PAY COSTS OF $2,078.60, AND SUSPENDED IN ALL PRINCIPAL CAPACITIES FOR SIX MONTHS. APPEALED TO THE SECURITIES AND EXCHANGE COMMISSION (SEC)ON JANUARY 11, 2010. ON NOVEMBER 12, 2010, THE SEC ISSUED AN ORDER THAT SUSTAINED FINRA’S DISCIPLINARY ACTION. ON DECEMBER 23, 2010, BUSACCA APPEALED THE SEC’S ORDER TO THE UNITED STATES COURT OF APPEALS FOR THE ELEVENTH CIRCUIT. DECEMBER 28, 2011- THE U.S. COURT OF APPEALS FOR THE ELEVENTH CIRCUIT DENIED BUSACCA’S PETITION FOR REVIEW OF THE SEC DECISION. THE SUSPENSION IS IN EFFECT FROM APRIL 16, 2012 THROUGH OCTOBER 15, 2012.