SECURITIES EXCHANGE ACT OF 1934
Rel. No. 49248 February 13, 2004
Admin. Proc. File No. 3-11164
In the Matter of the Application of MARK H. LOVE For Review of Disciplinary Action Taken by NASD |
ORDER SUSTAINING DISCIPLINARY PROCEEDINGS OF REGISTERED SECURITIES ASSOCIATION
On the basis of the Commission's opinion issued this day, it is
ORDERED that the disciplinary action taken by NASD against Mark H. Love be, and it hereby is, sustained.
By the Commission.
Jonathan G. Katz
Secretary
Endnotes
Love argues that NASD violated its own rules and rendered the proceedings against Love unfair by accepting the affidavit of Paula S. Weisz, a Supervisor of Examiners in NASD's Denver office. The affidavit was attached to NASD's brief filed with the NAC in Love's review proceeding, and states that NASD first learned of Love's potential involvement in the Summit West investments in May 1997. In fact, prior to the submission of the affidavit, Weisz had testified before the hearing panel that NASD first learned of Love's connection to Summit West in spring 1997, an immaterial difference in time from the date in the affidavit for purposes of our fairness analysis. Love challenges the veracity of the Weisz affidavit by arguing that NASD must have known about Love's connection to Foster and Summit West in 1996, at the time of Foster's conviction on wire fraud charges. Love's assumption is purely speculative and lacks any evidentiary support whatsoever. In addition, as discussed herein, it is unlikely that our decision would have differed, even if we accepted Love's speculative date for NASD notice of Love's involvement in the transactions. The admission of the Weisz affidavit did not prejudice Love in a manner that rendered the proceedings unfair.