of any issue of law or fact, to the entry of the

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1 J J FNANCAL?NDUSTRY REGU?ATORY AUTHORTY LETTER OF ACCEPTANCE WAVER AND CONSENT NO TO: RE: Department of Enforcement Fnancal ndustry Regulatory Authorty ("FNRA") Anthony Vultaggo Jr. Respondent General Securtes Representatve CRD No Pursuant to FNRA Rule 926 offnras Code ofprocedure Respondent Anthony Vultaggo Jr. (rrespondenf) submts ths Letter ofacceptance Waver and Consent ("AWCD for the purpose ofproposng a settlement ofthe alleged rule volatons descrbed below. Ths AWC s submtted on the condton that f accepted FNRA wll not brng any future actons aganst Respondent allegng volatons based on the same factual fndngs descrbed heren. L ACCEPTANCE AND CONSENT A. Respondent hereby accepts and consent:s wthout admttng or denyng the fndngs and solely for the purposes of ths proceedng and any other proceedng brought by oronbehalfoffnra orto whch FNRAs aparty pror to a hearng and wthout an adj??r?catdn of any ssue of law or fact to the entry of the followng fndngs by FNRA: BACKGROUND From February 2007 through March 207 Respondent was employed wth member frm Amercan Captal Partners LLC (?ACPD. Respondent became regstered as a General Securtes Representatve ("GSR") wth FNRA through ACP n July Respondent subsequently obtaned hs nvestment Bankng (Seres 79) regstraton (BD n Aprl 200. On March ACP fled a Unform Termnaton Notce for Securtes ndustry Regstraton (?Form U5D dsclosng that Respondent had voluntarly termnated from the frm. On July ACP fled an amended Form U5 dsclosng an ongong nternal revew that had been ntated on July The reportng page ofthe amended Form U5 stated that the frm had been advsed by one ofrespondents former clents that whle regstered wth ACP Respondent had solcted an nvestment n a prvate offerng for an entty Respondent represented that he owned and/or conlrolled. The frm was conductng an nternal nvestgaton nto Respondents complance wth among other thngs FNRA Rules 3270 and 3280 Respondent s not currently assocated wth a FlNRA member frm but remans

2 subject to FNRAsjursdcton pursuant to Artcle V Secton 4 offnras By- Laws. RELEVANT DSCPLNARY H?STORY Respondent has no dscphna?y hstory. OVERVEW Respondent refuses to appear for on-the-record testmony thereby volatng FNRA Rules 820 and 200. FACTS AND VOLATVE CONDUCT FNRA Rule 820(a)() states n relevant part that FNRA has the rght to "requre a member person assocated wth a member or any other person subject to FNRAs jursdcton to provde nformaton orally n wtng or electroncally -..and to testfy at a locaton specfed by FNRA staff...wth respect to any matter nvolved n the nvestgaton...". FNRA Rule 200 requres that assocated persons n the conduct ofther busness observe hgh standards of commercal honor and just and equtable prncples of trade. A falure to comply wth Rule 820 s a volaton offnra Rule 200. FNRA began an examnaton nto Respondents actvtes whle he was employed wth ACP. The examnaton concerned the potental undsclosed ofterng of securtes through an undsclosed outsde busness by Respondent wthout pror notce to or consent from ACP. On July FNRA staff sent a request to Respondent for on-the-record testmony pursuant to FNRA Rule 820. Respondent was requested to appear for that testmony on August As stated on hs phone call wth FNRA staff on July and by ths agreement Respondent acknowledges that he receved FNRAs request and wll not appear for on-the-record testmony at any tme. By refusng to appear for onthe-record testmony as requested pursuant to FNRA Rule 820 Respondent volates FNRA Rules 820 and 200. B. Respondent also consents to the mposton of the followng sanctons:? A bar from assocaton wth any F]NRA member n any capacty. Respondent understands that fhe s barred or suspended from assocatng wth any FNRA member he becomes subject to a statutory dsqualfcaton as that term s defned n Artcle Secton 4 off??ras By-Laws ncorporatng 2

3 . Secton 3(a)(39) ofthe Securtes Exchange Act of 934. Accordngly hemay not be assocated wth any FNRA member n any capacty ncludng clercal or mnsteral functons durng the perod ofthe bar or suspenson (see FNRA Rules 830 and 83). The sanctons mposed heren shall be effectve on a date set by FNRA staff. A bar or expulson shall become effectve upon approval or acceptance ofths AWC.. WAVER OF PROCEDURAL RGHTS Respondent specfcally and voluntarly waves the followng rghts granted under FNRAs Code of Procedure: A. To have a Complant ssued specfyng the allegatons aganst hm; B. To be notfed ofthe Complant and have the.opportunty to answer the allegatons n wrtng;. C. To defend aganst the allegatons n a dscplnary hearng before a hearng panel to have a wrtten record ofthe hearng made and to have a wrtten decson ssued; and D. To appeal any such decson to the Natonal Adjudcatory Councl (NAC") and then to the U.S. Securtes and Exchange Commsson a?d a U.S. Court of Appeals. Further Respondent specfcally and voluntarly waves any rght to clam bas or prejudgment ofthe ChefLegal Offcer the NAC or any member ofthe NAC n connecton wth such persons or bodys partcpaton n dscussons regardng the terms and condtons ofths AWC or other consderaton ofths AWC ncludng acceptance or rejecton ofths AWC. Respondent further specfcally and voluntarly waves any rght to clam that a person volated the exparte prohbtons offnra Rule 943 orlhe separaton offunctons prohbtons of FNRA Rule 944 n connecton wth such persons or bodys partcpaton n dscussons regardng the terms and condtons of ths AWC or other consderaton of ths AWC ncludng ts acceptance or rejecton. Respondent understands that:. OTHER MAT?ERS 3

4 . A. Submsson of ths AWC s voluntary and wll not resolve ths matter unless and untl t has been revewed and accepted by the NAC a Revew Subcommttee of the NAC or the Offce of Dscplnary Affars ("ODAD pursuant to FNRA Rule 926; p B. f ths AWC s not accepted ts submsson wll not be used as evdence to prove any ofthe allegatons aganst Respondent; and C. f accepted: -. ths AWC wll become part ofrespondents permanent dscplnary record and may be consdered n any future actons brought by FNRA or any other regulator aganst hm; 2. ths AWC wll be made avalable through FNRA s publc dsclosure program n accordance wth FNRA Rule 833; 3. FNRA may make a publc announcement concernng ths agreement and the subject matter thereof n accordance wth FNRA Rule 833; and 4. Respondent may not take any acton or make or permt to be made any publc statement ncludng n regulatoty flngs or othen?vse denyng drectly or ndrectly any fndng n ths AWC or create the mpresson that the AWC s wthout factual bass. Respondent may not take any poston n any proceedng brought by or on behalf of FNRA or to whch FNRA s a party that s nconsstent wth any part ofths AWC. Nothng n ths provson affects my: () testmonal oblgatons; or () rght to take legal or factual postons n ltgaton or other legal proceedngs n whch FNRA s not a party. Respondent certfes that he has read and understands all of the provsons of ths AWC and has been gven a full opportunty to ask questons about t; that he understands and ackowledges that FlNRA does not represent or advse hm and he cannot rely on FNRA or FlNRA staff members for legal advce; that he has agreed to ts provsons voluntarly; and that no offer threat nducement or promse of any knd other than the terms set forth heren and the prospect ofavodng the ssuance of a Complant has been made to nduce hm to submt t 848G -TBERSEOR- Datf(ml0dNYM) -??0. Respondent An?ony V??ggr-??J 4

5 ... Accepted by FNRA: Date 4//7 Sgned on behalf ofthe Drector of ODA by delegated authorty jwdadz C? Vashal Shetty Senor Regonal Counsel FNRA Department ofenforcement Two Jercho Plaza 2nd Floor Jercho New York 753 Tel: (56) Fax: (56)