William Norris Jordan, Jr., of Philadelphia, Pennsylvania, a stockbroker formerly registered with Kildare Capital, Inc., was subject of a $7,000.00 fine and one-year suspension from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a Hearing Panel Decision containing findings that Jordan created a fraudulent trading scheme and made material omissions concerning municipal bond purchases.
Apparently, Jordan engaged in the inter-positioning of trades involving municipal bonds, where he caused inter-dealer prices for municipal bonds to be artificially elevated relating to seven round trip transactions. Apparently, the municipal bonds were sold by Jordan to an inter-dealer broker while he bought the identical securities from the same entity at increased prices, wherein he made it appear that there was an active market for the securities.
Critically, he failed to inform bond purchasers about the pricing having been affected by his manipulative conduct by concealing his acquisition costs to the customers. Additionally, customers were in the dark about Jordan’s round-trip transactions having been pre-arranged. FINRA found that Jordan’s conduct in that regard was violative of Securities Exchange Act of 1934 Section 10(b), Securities and Exchange Commission (SEC) Rule 10b-5, as well as MSRB Rule G-17.
FINRA’s Hearing Panel also cited Jordan for falsifying information to FINRA staff during an examination into allegations of his misconduct. Particularly, he testified to FINRA’s Department of Market Regulation that a transaction involving the compensation of PD was for rewarding PD’s efforts in the trades. FINRA found that Jordan’s statements were false; conduct violative of FINRA Rule 8210 and 2010.
Since January 13, 2014, Jordan has been the president, chief compliance officer and chief executive officer of WNJ Capital, Inc.
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