Spinning Out Of Control

Published Friday, February 01, 2008

Acting as Rocky Mountain Securities & Investments Inc.'s (RMSI) President, Director, Registered Financial and Operations Principal (FINOP), and Compliance Officer, Stephen J. Horning was a jack-of-all-trades — unfortunately, he appeared not to be a master of any. Horning was solely responsible for supervision of the Trading Department as well as the three-person Operations Department, which was run by a high-school graduate who had no registrations and had failed the Series 7. In 2001, the Securities and Exchange Commission (SEC) conducted a routine examination of RMSI and discovered that the Head Trader had accumulated over $600,000 in unreported trading ...

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