FINRA BARS J.P. MORGAN VP, FRIEND IN INSIDER TRADING SCHEME

     (The following press release from the Financial Industry Regulatory 
Authority was received by e-mail. The sender verified the statement.) 
FINRA Bars J.P. Morgan Vice President and Broker Friend in Insider Trading 
Scheme  
FINRA Previously Barred Westrock Advisors Broker for Failing to Provide 
Testimony 
WASHINGTON -- The Financial Industry Regulatory Authority (FINRA) announced 
today that it has barred David Michael Gutman, a Vice President in the 
conflicts office of J.P. Morgan Securities, LLC, and Christopher John Tyndall, 
a former registered representative at Meyers Associates, L.P., from the 
securities industry for their roles in an insider trading scheme. Gutman and 
Tyndall were longtime close personal friends who grew up together on Long 
Island. FINRA's investigation found that Gutman improperly shared material, 
non-public information with Tyndall during conversations that took place 
between March 2006 to October 2007 regarding at least 15 pending corporate 
merger and acquisition transactions. Tyndall then used the information to trade 
ahead of at least six of the corporate announcements using personal and family 
accounts over nearly a two-year period, and also recommended the stocks 
to his customers and friends. Also in connection with its investigation, FINRA 
barred http://disciplinaryactions.finra.org/viewdocument.aspx?DocNB=32899 a 
third broker, Joseph Critelli - also a friend of Tyndall and a registered 
representative at Westrock Advisors, Inc. at the time - in January 2013 for 
failing to appear for testimony related to his trading activity in this scheme.  
Gutman learned about the pending merger transactions through his work in J.P. 
Morgan's conflicts office, which reviews all investment banking transactions 
for potential conflicts of interest for the firm. The inside information that 
Gutman improperly shared with Tyndall included details surrounding the 
acquisitions of American Power Conversion Corporation announced on October 30, 
2006, Genesis HealthCare Corporation announced on January 16, 2007, First Data 
Corporation announced on April 2, 2007, SLM Corporation (Sallie Mae) announced 
on April 13, 2007, Alliance Data Systems Corporation announced on May 17, 2007, 
and Cytyc Corporation, announced on May 20, 2007.    
Cameron K. Funkhouser, Executive Vice President of FINRA's Office of Fraud 
Detection and Market Intelligence, said, "David Gutman had the keys to the 
kingdom through his position at J.P. Morgan as a gatekeeper with special access 
to material, non-public information. Gutman secretly gave inside information to 
his longtime friend, Christopher Tyndall, who exploited it for personal gain 
and passed it on to others. This case demonstrates that attempts to conceal 
illicit activity may delay but will not deter FINRA from ultimately uncovering 
the truth."  
In concluding these settlements, Gutman and Tyndall neither admitted nor denied 
the charges. Gutman consented to the entry of FINRA's findings that he violated 
NASD Rule 2110 in failing to comply with his obligation to observe high 
standards of commercial honor and just and equitable principles of trade. 
Tyndall consented to the entry of FINRA's findings that he violated NASD Rules 
2110 and 2120, and Section 10(b) of the Exchange Act and Rule 10b-5 promulgated 
thereunder for his role in the scheme.   
FINRA's investigation was jointly conducted by the Office of Fraud Detection 
and Market Intelligence and the Department of Enforcement.  
Investors can obtain more information about, and the disciplinary record of, 
any FINRA-registered broker or brokerage firm by using FINRA's BrokerCheck. 
FINRA makes BrokerCheck available at no charge. In 2013, members of the public 
used this service to conduct 16.5 million reviews of broker or firm records. 
Investors can access BrokerCheck at 
http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/?utm_source=MM&utm_m
edium=email&utm_campaign=NewsRelease%5F011614%5FFINAL or by calling (800) 
289-9999. Investors may find copies of this disciplinary action as well as 
other disciplinary documents in FINRA's Disciplinary Actions Online database 
(http://www.finra.org/Industry/Enforcement/DisciplinaryActions/FDAS/?utm_source=
MM&utm_medium=email&utm_campaign=NewsRelease%5F011614%5FFINAL).   
FINRA, the Financial Industry Regulatory Authority, is the largest independent 
regulator for all securities firms doing business in the United States. FINRA 
is dedicated to investor protection and market integrity through effective and 
efficient regulation and complementary compliance and technology-based 
services. FINRA touches virtually every aspect of the securities business - 
from registering and educating all industry participants to examining 
securities firms, writing rules, enforcing those rules and the federal 
securities laws, informing and educating the investing public, providing trade 
reporting and other industry utilities, and administering the largest dispute 
resolution forum for investors and firms. For more information, please visit 
http://www.finra.org?utm_source=MM&utm_medium=email&utm_campaign=NewsRelease%5F0
11614%5FFINAL. 
(rml) NY
 
 
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