BEFORE THE NATIONAL ADJUDICATORY COUNCIL FINANCIAL INDUSTRY REGULATORY AUTHORITY In the Matter of Department of Enforcement, Complainant, vs. Michael Venturino, Dix Hills, NY, Respondent. DECISION Complaint No. 2021070337501 Dated: April 7, 2026. Registered representative traded in customer accounts without authorization and excessively traded and churned those accounts. Held, findings affirmed, and sanctions modified.

From February 2021 through April 2021, Morris recommended that five retail customers, including four senior customers, invest in GWG L Bonds, which are speculative, unrated corporate bonds. Morris’s recommendations were not in the customers’ best interests based on their investment profiles. Therefore, Morris willfully violated Rule 15l-1(a)(1) under the Securities Exchange Act of 1934 (Reg BI) and violated FINRA Rule 2010. For these violations, Morris is suspended for three months in all capacities, fined $10,000, and ordered to pay $5,607 in partial restitution plus interest.

Between April 2022 and July 2023, Hohensee recommended that two customers invest in eighteen structured notes without having a reasonable basis to believe the recommendations were in the customers’ best interests based on their investment profiles. As a result, Hohensee willfully violated the Care Obligation of Regulation Best Interest and violated FINRA Rule 2010. For this misconduct, Hohensee is suspended for six weeks in all capacities, fined $10,000, and ordered to pay restitution of commissions to the two customers in the amount of $7,530 plus interest...