FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2018057266702 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Francisco Javier Valenzuela, Respondent Former General Securities Representative CRD No. 2786970 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Respondent Francisco Javier Valenzuela submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations described below.

FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2014040293001 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Cowen and Company, LLC, Respondent Broker-Dealer CRD No. 7616 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Cowen and Company, LLC (the "Firm" or "Respondent") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the alleged rule violations described below.

FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2018060843801 TO: Department of Enforcement Financial Industry Regulatory Authority (“FINRA”) RE: Thomas Walter Molteni, Respondent Investment Company Products/Variable Contracts Representative CRD No. 1022911 Pursuant to FINRA Rule 9216 of FINRA’s Code of Procedure, Respondent, Thomas Walter Molteni (“Molteni” or “Respondent”) submits this Letter of Acceptance, Waiver and Consent (“AWC”) for the purpose of proposing a settlement of the alleged rule violations described below.