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Online Brokerage Services

Online Brokerage Services (CRD #104281, Waterville, Ohio) received a censure and fine of $37,500. According to the findings, the firm raised $2,270,000 for its general operating capital from private placement securities offerings that the firm represented were exempt from SEC registration when in fact none of the self-offerings offered and sold was registered with the SEC. The regulators also found that the firm failed to make an offer of rescission to purchasers who invested in the self-offering when material terms of the offering changed, including changes in the offering price, the minimum purchase required of investors, the minimum and maximum amounts of the offering, and changes in the offering period. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C8A050021)

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