On May 28, the U.S. Securities and Exchange Commission issued its opinion reviewing FINRA disciplinary action against Jason Lynn DiPaola, a formerly associated person of Chardan Capital Markets LLC. The commission sustained FINRA’s findings that DiPaola violated NASD Rule 3050(c) and FINRA Rule 2010 by failing to disclose an outside brokerage account in which he exercised discretionary authority, violated FINRA Rule 2010 by submitting false compliance questionnaires, and violated FINRA Rules 8210 and 2010 by failing to provide on-the-record testimony. The commission sustained the sanctions for the disclosure violations — a two-year suspension and a $25,000 fine — but set aside the sanctions for the Rule 8210 violation, finding the consecutive two-year suspension and a $15,000 fine to be excessive under the circumstances. Notably, FINRA had sought a bar.