As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions report for January 2012, Bruce Benjamin Katz of Melville, New York has submitted an Offer of Settlement in which he was suspended from association with any FINRA member in any capacity for 18 months. In light of Katz’ financial status, no monetary sanctions were imposed. Without admitting or denying the allegations, Katz consented to the described sanction and to the entry of findings that he borrowed a total of $82,000 from a customer without obtaining his member firm’s prior written approval. The findings stated that Katz assured the customer that he would pay back her money. Katz has not repaid the principal or any interest on the loans.

The original article can be found at Financial Industry Regulatory Authority.